Missouri Court of Appeals, Western District / Aug 25, 2020
Platte County, Missouri vs. UMB Bank, N.A., The Trustee of the Transportation Refunding an Improvement Bonds (Zona Rosa Retail Project) Series, 2007
UMB Bank, N.A., as Trustee for the Zona Rosa Retail Project Bonds, appealed the trial court's grant of summary judgment in favor of Platte County, Missouri. The Trustee argued that a financing agreement contained a conditional promise by the County to pay shortfalls for the bonds. The appellate court affirmed the trial court's judgment, holding that the plain language of the financing agreement did not contain a promise by the County to pay for the bond shortfalls.