Bacm 2001-1 San Felipe Road Limited Partnership v. Trafalgar Holdings I

In this commercial loan dispute, the Borrowers and a related company successfully argued at trial that a group of documents (collectively denominated the "Repayment Agreement") modified the repayment terms of three non-recourse loans, or alternatively, constituted a new contract regarding these loans. On appeal, the Lenders argue that the Repayment Agreement is unenforceable by appellees because it fails to satisfy the Statute of Frauds, or alternatively, the Borrowers breached the Repayment Agreement. The Lenders also challenge the trial courts calculation and allocation of liability for damages. Because we conclude the Repayment Agreement is unenforceable by appellees under either theory advanced, we reverse and render judgment that appellees take nothing.