BRCSM attorneys Lisa Kresge and Sean Clough secured a 1.4-million-dollar judgment for their Connecticut-based bank client at the RI Supreme Court in a multi-state, statute of limitations matter which was affirmed in February 2022.
When a contract action was brought in the RI Superior Court against Rhode Island defendants — who had failed to make payments due under a loan — the defendants argued that the Connecticut headquartered bank had waited too long, and that the action was barred by the Connecticut statute of limitations. The loan documents had provided that they would be governed by Connecticut law, but did not specify whether that included what statute of limitations would govern.
On appeal before the RI Supreme Court, attorneys Kresge and Clough successfully argued that Rhode Island’s longer statute of limitations should apply. The Court, in a 5-0 opinion, agreed and affirmed the judgment in favor of the bank.
A copy of the opinion can be found here.
Reach out to Lisa Kresge or Sean Clough here. Or learn more about the firm’s Litigation, Bankruptcy & Creditors Rights, and Commercial Finance practice groups here.