In real estate financing, the Kennedy Funding lawsuit is a noteworthy case that highlights important aspects of contract law and financial transactions. The case, SHELTON v. KENNEDY FUNDING INC (2010), was decided by the United States Court of Appeals for the Eighth Circuit and involves a dispute over a breach of contract and fraud claims related to the sale of a cemetery in Arkansas. Let’s delve into the details of this intriguing case and its implications.
The case involves Virgil Shelton, who sold the Rest in Peace Cemetery in Hensley, Arkansas, to Willie Acklin. Acklin financed the purchase through a promissory note and a mortgage. After making payments for nearly a decade, Acklin faced financial difficulties and sought a bridge loan from Kennedy Funding, Inc. (KFI), a private lender from New Jersey.
In 2002, Shelton sued KFI for breach of contract and fraud in an Arkansas state court, which was later moved to a federal district court. The jury ruled in favor of Shelton, awarding him $675,000 in compensatory damages and $1 million in punitive damages. The court upheld the compensatory damages but reversed the punitive damages, reducing Shelton’s judgment to $675,000.
For more detailed information on the case, you can read the full court opinion here.
For those interested in learning more about legal proceedings in real estate and financial law, here are some recommended resources:
In the larger picture of human sexuality, the word "gynesexual" (or gynepholic) has been employed…
One of the most often occurring foot forms is the Egyptian toe, which is defined…
Worldwide, 123movies, also referred to as GoMovies, GoStream, and 123movieshub, is a web streaming site…
In the digital age, an age where information and entertainment vie for your time, comic…
Jalynn Elordi, a Brisbane, Australia, October 11, 1999, birthday girl, is perhaps better known as…
LyncConf is dedicated to Microsoft Lync, which is a unified communications platform. It integrates various…