April 18, 2014

Colorado Supreme Court: Question of Whether Colorado Credit Agreement Statute of Frauds Allows Introduction of Evidence Not Reached Because Credit Agreement’s Terms Unambiguous

The Colorado Court of Appeals issued its opinion in Federal Deposit Insurance Corp. v. Fisher on Tuesday, January 22, 2013.

Contract Interpretation—Ambiguous Contract—CRS §38-10-124(2)—Colorado’s Credit Agreement Statute of Frauds.

The Supreme Court reversed the court of appeals’ holding that a credit agreement between a lender and a bank was ambiguous as to the default interest rate. Because the Court held that the credit agreement was not ambiguous, it did not address whether Colorado’s Credit Agreement Statute of Frauds, CRS § 38-10-124(2), allows for the introduction of extrinsic evidence to resolve a facially ambiguous credit agreement.

Summary and full case available here.

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