RECP IV WG Land Investors LLC v. Capital One Bank

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In this dispute over contractual provision in a real estate purchase agreement (agreement) allocating future development rights for properties located near a new Metro rail station, the circuit court did not err in dismissing RECP IV WG Land Investors LLC’s (WG Land) suit against Capital One Bank (USA), N.A. (Capital One).WG Land, an assignee of certain rights of the seller under the agreement, sued Capital One, the assignee of the purchaser, alleging that Capital One breached the agreement and certain related covenants by developing the property acquired under the agreement without conveying a portion of floor area ratio rights to WG Land. The circuit court ultimately all three counts in the complaint and awarded attorney’s fees and costs to Capital One. The Supreme Court affirmed, holding that the circuit court did not err in sustaining Capital One’s demurrer as to Count I, sustaining Capital One’s plea in bar and granting its motion for summary judgment as to Counts II and III, and awarding attorney’s fees and costs to Capital One. View "RECP IV WG Land Investors LLC v. Capital One Bank" on Justia Law