Culebra II, LLC v. River Cruises Anticipation Yachts

1 Citing case

  1. Whitney Bank v. Point Clear Dev., LLC

    CIVIL ACTION 11-0657-WS-M (S.D. Ala. Jun. 18, 2012)   Cited 10 times
    Applying Alabama law to hold secured party had no duty to foreclose before filing suit

    This approach is in line with those of other jurisdictions. See, e.g., TruServ Corp. v. Morgan's Tool & Supply Co., 39 A.3d 253, 262 (Pa. 2012) ("A party who suffers a loss due to a breach of contract generally has a duty to make reasonable efforts to mitigate his losses."); Branch Banking and Trust Co. v. Lichty Bros. Const., Inc., 2011 WL 883912, *3 (N.D. Ga. Mar. 11, 2011) (explaining that failure to mitigate damages is an affirmative defense to a breach of contract claim under Georgia law); Culebra II, LLC v. River Cruises and Anticipation Yachts, LLC, 564 F. Supp.2d 70, 79 (D. Me. 2008) (under Maine law, "[a] party who suffers losses pursuant to a contract has an affirmative obligation to mitigate any damages"). Here, the Point Clear Defendants assert that, rather than suing them for breach of the Renewal Note and Continuing Guaranties upon default, Whitney Bank was duty-bound either to renew the loan or to foreclose on the collateral to prevent default interest charges from accruing.