1337523 Ontario, Inc. v. Golden State Bancorp, Inc.

ORDER GRANTING DEFENDANTS’ MOTION FOR SUMMARY JUDGMENT

INTRODUCTION

On August 18, 2000, Plaintiff 1337523 Ontario, Inc. (“Plaintiff’) and Defendants Golden State Bancorp, Inc., GSB Aviation (Two), LLC and Insured Aircraft Service (collectively “Defendants”) entered into a written contract for the sale of Plaintiffs 1982 Grumman Gulfstream III aircraft to Defendants for $11.5 million. On October 3, 2000, Plaintiff filed its Complaint for Declaratory Relief and Damages for Breach of Contract, seeking a judicial determination of the parties’ rights with respect to the contract, including Defendants’ $250,000 deposit.

On July 10, 2001, Defendants moved for summary judgment, seeking return of their deposit pursuant to paragraphs 4, 6 and 7 of the contract. On July 24, 2001, Plaintiff timely opposed this motion and on July 31, 2001, Defendants timely replied.

On August 28, 2001, the Court held a hearing on Defendants’ Motion for Summary Judgment. Both parties appeared through their counsel of record. Upon consideration of the parties’ submissions, the arguments at the hearing, the relevant authorities and the record in this case and good cause appearing, the Court enters the…