CitiMortgage, Inc. v. Platinum Home Mortgage, Corp., No. 17-3158 (8th Cir. 2019)
Annotate this CaseCMI, a purchaser and reseller of mortgage loans, filed suit against Platinum, an originator and seller of mortgage loans, alleging that Platinum breached a contract by failing to repurchase seven allegedly defective loans after CitiMortgage demanded repurchase by sending multiple notices to Platinum for each loan. The Eighth Circuit reversed and held that CMI adequately and substantially complied with the contract, which neither specified a form of notice nor indicated that the prescription of a time for cure had to be contained within the notice. Accordingly, the court remanded for further proceedings.
Court Description: Melloy, Author, with Smith, Chief Judge, and Stras, Circuit Judge] Civil case - Contracts. In this action alleging Platinum breached the parties' contract by failing to repurchase seven allegedly defective loans after Citi demanded repurchase by sending multiple notices to Platinum for each loan, the district court erred in finding Citi failed to satisfy a condition precedent in the agreement by failing to prescribe a time within which Platinum could correct or cure the alleged defects as Citi adequately and substantially complied with the contract, which neither specified a form of notice nor indicated that the prescription of a time for cure had to be contained in the notice; reversed and remanded for further proceedings.
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