Jo-Ann's Launder Center, Inc. v. Chase Manhattan Bank, N.A.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that, absent any duty owed by a lender bank to borrowers independent of a contractual duty of reasonable care in handling their loan, the borrowers’ tort remedies could not be maintained in addition to those established under contract itself
• holding that, absent any duty owed by a lender bank to borrowers independent of a contractual duty of reasonable care in handling their loan, the borrowers’ tort remedies could not be maintained in addition to those established under contract itself
• stating that there is a presumption that a bank’s loan officer and a client operate at arms-length and the parties each acted in their own interest.
• recognizing a cause of action under contract law, per the Restatement, “for 149 breach of the implied duty of good faith and fair dealing in a loan contract between a lender 150 and a borrower”
• “A fiduciary relationship may arise if the lender gains substantial control over the borrower’s business affairs, such as participating in the borrower’s day-to-day management.”

Source: CourtListener parenthetical corpus (CC0).