Wells Fargo Bank, N.A. v. Cherryland Mall Ltd. P'ship
| Decision Date | 26 September 2012 |
| Docket Number | COA No. 304682.,Docket No. 144578. |
| Citation | 820 N.W.2d 901,493 Mich. 859 |
| Parties | WELLS FARGO BANK, N.A., Plaintiff–Appellee, v. CHERRYLAND MALL LIMITED PARTNERSHIP and David Schostak, Defendants–Appellants, and Schostak Brothers & Co., Inc., Defendant. |
| Court | Michigan Supreme Court |
OPINION TEXT STARTS HERE
Prior report: Mich.App., 295 Mich.App. 99, 812 N.W.2d 799.
On order of the Court, the motion to file supplemental brief, and the motions for leave to file brief amicus curiae are GRANTED. The application for leave to appeal the December 27, 2011 judgment of the Court of Appeals is considered and, pursuant to MCR 7.302(H)(1), in lieu of granting leave to appeal, we REMAND this case to the Court of Appeals for further proceedings. On remand, the Court of Appeals shall reconsider its decision in light of the Legislature's recent passage of the Nonrecourse Mortgage Loan Act, 2012 PA 67, MCL 445.1591 et seq., which retroactively prohibits a post closing solvency covenant from being used as a nonrecourse carveout or as a basis for any claim against a borrower, guarantor, or other surety on a nonrecourse loan. In all other respects, leave to appeal is DENIED, because we are not persuaded that the remaining questions presented should now be reviewed by this Court. The motion to vacate is DENIED.
We do not retain jurisdiction.
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Wells Fargo Bank v. Cherryland Mall Ltd.
...of the Nonrecourse Mortgage Loan Act, 2012 PA 67, MCL 445.1591 et seq. (the NMLA or Act 67). Wells Fargo Bank v. Cherryland Mall Ltd. Partnership, 493 Mich. 859, 820 N.W.2d 901 (2012). On reconsideration, we reject plaintiff's constitutional challenges to the NMLA and hold that it bars plai......
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