The plaintiff mortgagee sought summary judgment on multiple defaulted mortgages granted to the defendants to fund a joint venture land development project.
The defendants argued the mortgages were unenforceable due to an oral agreement that the loans would only be repaid from future lot sales, and disputed the amounts owing.
The court granted summary judgment, holding that the alleged oral agreement was barred by the Statute of Frauds and the doctrine of part performance did not apply.
The court also declined to stay the enforcement of the judgments under Rule 20.08, finding the defendants' counterclaims lacked merit and the prejudice to the plaintiffs in delaying recovery was significant.
