Daniels v. ReadyCap Lending, LLC
ReadyCap sued a guarantor on an unconditional guarantee but lost at a bench trial because it had not made the written demand for payment that was a condition precedent; judgment was entered stating ReadyCap 'failed to meet its burden of proof' and it did not appeal. ReadyCap then sent a written demand and filed a second identical action, winning below. The Second District reversed, holding res judicata barred the second suit because ReadyCap had a full and fair opportunity to litigate and elected to proceed to trial in the face of the condition-precedent defense.
Key facts
- ReadyCap Lending sued Daniels on an unconditional guarantee of an accelerated note; at the bench trial, ReadyCap lost because it failed to prove it had made a written demand for payment, which was a condition precedent to the guarantor's liability.
- ReadyCap did not appeal the initial judgment but instead sent the required written demand and filed an identical second action against Daniels, which succeeded at trial.
- +2 more key facts with a free trial
Why it matters
This opinion is a strong tool for defendants facing serial suits after a plaintiff loses on a condition-precedent defense: the Second District confirms that going to trial and failing on proof of a condition precedent… — full analysis with a trial
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