TENNESSEE BANK & TRUST v. SCOTT MICHAEL BORUFF - Articles

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TENNESSEE BANK & TRUST v. SCOTT MICHAEL BORUFF

Posted by: Karen Belcher on Mar 15, 2022

Court: TN Court of Appeals

Attorneys 1: Walter N. Winchester and Ryen Monique Lamb, Knoxville, Tennessee, for the appellant, Scott Michael Boruff.

Attorneys 2: John R. Cheadle, Jr. and Mary Barnard Cheadle, Nashville, Tennessee, for the appellee, Tennessee Bank & Trust.

Judge(s): BENNETT

A bank brought an action against a borrower for failure to repay a promissory note. The borrower asserted that the bank failed to mitigate its damages by failing to sell the shares of stock it held as collateral to pay off the loan at a time when the stock’s value was high. After a bench trial, the trial court granted judgment in favor of the bank, holding that the parol evidence rule prevented consideration of his purported oral modification of the parties’ agreement. Borrower appeals. We affirm the judgment of the trial court.

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