Bank Not Liable Under the Statute of Frauds

In Modern Industries, Inc, vs. Oxford Bank Corp., 2022 Mich. App. Lexis 559, 2022 WL 268535 (January 27, 2022), the claimants sued the bank for: alleged negligence in unilaterally changing the terms of certain loans in violation of the parties’ agreement, breach of fiduciary duty by failing to properly distribute loans, and engaging in constructive fraud and misrepresentation by waiting to disclose unilateral changes to the final loan documents until the claimants were left with no choice …