Equity Inv. Partners, LP v. Lenz, No. 09-11887
In an action to foreclose defendants' mortgage and to establish the priority of plaintiff's security interest over a federal tax lien, summary judgment for the IRS is vacated where plaintiff was not required to show that the parties contemplated future execution of a security agreement at the time the loans were issued. Rather, to show past consideration, plaintiff needed to present evidence that the security agreement was executed for the purpose of repaying the loans.
Filed February 1, 2010
Opinion by Judge Cox