BRIEF OF CASE 32 - Selma BRIEF OF CASE 32-1 RNR Investments...

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S e l m a BRIEF OF CASE 32-1 RNR Investments Limited Partnership v. Peoples First Community Bank FACTS: RNR (D) was formed as a Florida limited partnership. The partnership agreement provided specific limitations on the authority of the general partner, including restricting the general partner’s ability to borrow funds of a certain amount without the prior written consent of the limited partner. The general partner entered into a construction loan agreement, note, and mortgage with Peoples First Community Bank (P) without proper authority. D defaulted under the terms of the loan, and P sought foreclosure. D claimed that P had negligently failed to investigate and realize that the general partner had no authority to enter into the loan. The trial court entered summary judgment for P, and D appeals. ISSUE: Did the general partner have apparent authority to bind the partnership to the loan agreement? HOLIDING: The determination of whether a partner is acting with authority to bind the partnership is a two-step analysis. The first issue is whether the partner is carrying on the
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