In CASE 23.1 Tufankjian v. Rockland Trust Co. (2003) Tufankj…
In CASE 23.1 Tufankjian v. Rockland Trust Co. (2003) Tufankjian signed a contract to acquire a Toyota dealership for $1.4 million. Rockland agreed to lend Tufankjian $700,000 at 7.5% interest, with the remaining $700,000 to come from the SBA at a separate interest rate which was quoted by Rockland at 6.5% (but with no written guaranty). Ultimately, the loan was not consummated and Tufankjian sued. How did the court rule?
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