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Article Excerpt
The U.S. District Court for the Eastern District of Pennsylvania recently issued a decision finding that a bank breached its duty of good faith and fair dealing with a corporation. However, a claim by the corporation's guarantor-stockholders as alleged third-party beneficiaries failed.
The plaintiff in Bedrock Stone and Stuff, Inc. v. Manufacturers and Traders Trust Co., No. 04-cv-02101 (E.D.Pa. March 31, 2006), Bedrock Stone and Stuff Inc. ("Bedrock") was incorporated by plaintiff Howard Young. Mr. Young was the president and sole shareholder of Bedrock, and his wife, plaintiff Debra Young, was the company's secretary. Bedrock was in the business of manufacturing and selling soil and mulch to golf courses, landscapers and wholesalers.
In September 1998, Bedrock obtained financing from the predecessor to defendant M&T Bank (the "Bank"). Both Mr. and Mrs. Young guaranteed the indebtedness as additional security for...
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