Aberdeen Developers, LLC v. Wells Fargo Bank, N.A., as Trustee for Registered Holders of Deutsche Mortgage & Asset Receiving Corporation, CD 2019-CD8 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CD8, a National Bank and LNR Partners, LLC: Aberdeen Developers, LLC v. Wells Fargo Bank, N.A., as Trustee for Registered Holders of Deutsche Mortgage & Asset Receiving Corporation, CD 2019-CD8 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CD8, a National Bank and LNR Partners, LLC
The Seventh Circuit reversed a district court dismissal of a breach-of-contract claim involving a commercial mortgage loan. The appellate court held that the relevant loan and cash management agreements were ambiguous regarding the duration for which excess cash flow could be held as additional security.