Wednesday, April 17, 2013

Frank Dixon v. Wells Fargo Bank, N.A. case brief

Frank Dixon v. Wells Fargo Bank, N.A. case brief summary
798 F. Supp. 2d 336

SYNOPSIS:
A bank was not entitled to the dismissal of the plaintiff's (homeowners) promissory estoppel complaint that was based on the bank's alleged failure to engage in the negotiation of a loan modification made prior to the proceeding with foreclosure.
The facts that were alleged in the complaint were sufficient enough to invoke the doctrine of promissory estoppel.
This claim (common law) was not preempted by federal law under the Home Owner's Loan Act.
(Relevant Statutes: the Home Owners' Loan Act, 12 U.S.C.S. §§ 1461-1470, and its implementing regulations, 12 C.F.R. §§ 500-99.)

RULES:
For purposes of promissory estoppel, an action based on reliance is equivalent to a contract action, and the party bringing such an action must prove all the necessary elements of a contract other than consideration.

OUTCOME: The motion was denied.

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