Kennedy Funding Lawsuits

Kennedy Funding, a private lender specializing in land loans, has been involved in several lawsuits throughout its history. Here, we’ll delve into two prominent cases:

• Shelton v. Kennedy Funding Inc (2010): This case involved a breach of contract and fraud claim against Kennedy Funding by Virgil Shelton, who sold an Arkansas cemetery.

• Kennedy Funding, Inc. v. Greenwich Landing, LLC (2010): Here, Kennedy Funding acted as the plaintiff in a strict foreclosure action against Greenwich Landing, LLC.

Shelton v. Kennedy Funding Inc (2010):

Virgil Shelton sued Kennedy Funding after the sale of his cemetery (Rest in Peace Cemetery) in Arkansas. Shelton claimed Kennedy Funding breached their contract and committed fraud during the transaction. The jury awarded Shelton $1.675 million on these claims.

Case Details:

• Complete Date: Judgment Date: Unknown (Appealed in 2010)
• Case: Shelton v. Kennedy Funding Inc
• Citation: Not specified in readily available sources.
• Court: U.S. Court of Appeals for the Eighth Circuit

Minor Points:

• Shelton established Rest in Peace Cemetery in 1967.
• Kennedy Funding appealed the jury’s verdict, arguing insufficient evidence supported the claims.
• The appeals court affirmed the verdict in part, reversing the $1 million punitive damages award.
• The final judgment awarded Shelton $675,000.

Kennedy Funding, Inc. v. Greenwich Landing, LLC (2010):

Short Summary:

Kennedy Funding initiated a strict foreclosure action against Greenwich Landing, LLC, and Mahmoud Wahba (guarantor) after defaulting on a mortgage secured by a promissory note. The defendants challenged Kennedy Funding’s right to bring the lawsuit due to alleged lack of standing.

Case Details:

• Complete Date: December 3, 2010 (Motion to Dismiss Hearing)
• Case: Kennedy Funding, Inc. v. Greenwich Landing, LLC
• Citation: AP135AP310 (Connecticut Judicial Branch)
• Court: Connecticut Superior Court, Appellate Division

Minor Points:

• The lawsuit stemmed from a mortgage and promissory note executed by Greenwich Landing, LLC.
• Wahba guaranteed the note.
• After title to the property transferred to Kennedy Funding, the defendants filed a motion to dismiss, claiming Kennedy Funding lacked standing as it wasn’t the owner of the debt.
• The court denied the motion, citing general principles of agency law allowing agents to sue for the benefit of disclosed principals when holding negotiable instruments.
• The case focused on standing and the legal rights of an agent pursuing a foreclosure action.