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New Dirt, LLC v. Cross Base, LLC

United States District Court, Ninth Circuit

September 9, 2013

NEW DIRT, LLC, a limited liability company Plaintiff,
v.
CROSS BASE, LLC, a Washington limited liability company; STEVEN LAUKAITIS, an individual; NORMAN FERGUSON, an individual; KAREN M. SLADEK-FERGUSON, an individual; and MARIANN TONDER, aka MARIANN LAUKAITIS and MARIANN TONDER LAUKAITIS, an individual Defendants.

MEMORANDUM DECISION AND ORDER RE: DEFENDANTS' RENEWED MOTION TO DISMISS (Docket No. 35)

RONALD E. BUSH, Magistrate Judge.

Pending before the Court is Defendants' Renewed Motion to Dismiss (Docket No. 35). Having carefully considered the record, participated in oral argument, and otherwise being fully advised, the Court enters the following Memorandum Decision and Order:

I. RELEVANT FACTUAL AND PROCEDURAL BACKGROUND[1]

1. On or around December 22, 2006, Cross Base, LLC ("Cross Base") (a

Washington limited liability company) executed a Promissory Note ("Note") in favor of ANB Financial, N.A. ("ANB Financial") (a Wyoming bank) for the principal balance of $1, 628, 688.00. See Compl., ¶¶ 2 & 9 (Docket No. 1, Att. 1).

2. The Note was secured by a Real Estate Deed of Trust, executed by Cross Base on or around December 22, 2006, and recorded in Teton County, Idaho on December 28, 2006. See id. at ¶ 10. The real property ("Property") referenced within the Real Estate Deed is also located in Teton County, Idaho. See id.

3. According to the terms of the Note, Cross Base was obligated to pay the entire principal and interest on or before December 22, 2007. See id. at ¶ 11.

4. On December 22, 2006, certain individuals, including Norman Ferguson and Karen M. Sladek-Ferguson ("Fergusons" or "Defendants") (as well as Steven Laukaitis and Mariann Tonder), each executed a Guaranty that unconditionally guaranteed the payment of the amounts to be loaned by ANB Financial to Cross Base. See id. at ¶ 12. The Fergusons, Steven Laukaitis, and Mariann Tonder are Washington residents. See id. at ¶¶ 4-7.

5. Pursuant to the terms of the Note, and in consideration of the Real Estate Deed of Trust and Guaranties, ANB Financial released funds to Cross Base in the amount of $1, 628, 688.00 for the benefit of Cross Base. See id. at ¶ 13.

6. Cross Base defaulted on the Note and Real Estate Deed of Trust by failing to pay the Note when due on December 22, 2007. See id. at ¶ 17. As a result, non-judicial foreclosure proceedings under the Real Estate Deed of Trust were eventually commenced. See id.

7. On or around May 9, 2008, ANB Financial was closed and taken over by the Federal Deposit Insurance Corporation ("FDIC"). See id. at ¶ 15. The FDIC, as receiver for ANB Financial, then assigned the Note, the Real Estate Deed of Trust, and the Guaranties to Plaintiff ANB Venture, LLC. ("ANB Venture")[2] in January 2009. See id. at ¶ 16.

8. ANB Venture caused the Property to be sold at a Trustee's Sale held December 13, 2011. See id. at ¶ 18.

9. ANB Venture successfully purchased the Property at the Trustee's Sale by a credit bid of $390, 000.00. See id. at ¶ 19.

10. Through this action, ANB Venture, brings the following claims to recover the amounts owing to it: (1) "Deficiency Claim" against Cross Base (First Claim for Relief); (2) Unjust Enrichment against Cross Claim (Second Claim for Relief); and (3) "Claim on the Guaranty" against the Fergusons, Steven ...


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