Mostert v. Mostert Group, LLC
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The Supreme Court affirmed the judgment of the court of appeals reversing the decision of the trial court granting partial summary judgment in favor of Paul Mostert and partially dismissing The Mostert Group, LLC's (TMG) breach of contract claims, holding that partial summary judgment in favor of Mostert was improper.
Mostert agreed to transfer certain computer technology to TMG in exchange for TMG stock, cash, and a promissory note payable in installments. When Mostert refused to deliver to TMG the source code, which was essential to maintaining and updating the software technology, TMG refused to make the final promissory note payment to Mostert. TMG filed two lawsuits against Mostert. The circuit court granted Mostert's motion for partial summary judgment on the grounds that TMG's allegations against Mostert arose after the note was executed and the trial court previously established that Mostert had a security interest in and therefore a right to possess the collateral. The court of appeals reversed, holding that Mostert possessed a security interest in the software but not the source code. The Supreme Court affirmed, holding that Mostert breached the parties' contract, which excused TMG's obligation to further perform under the contribution agreement.
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