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FOSTER v. MARYLAND STATE S&L ASSN.
January 10, 1974
Daniel C. and Celia J. FOSTER et al., Plaintiffs,
MARYLAND STATE SAVINGS & LOAN ASSOCIATION, Defendant
Charles R. Richey, District Judge.
The opinion of the court was delivered by: RICHEY
CHARLES R. RICHEY, District Judge.
This case is before the Court on Cross-Motions for Partial Summary Judgment involving a complaint against the Defendant, Savings and Loan Association, alleging six (6) causes of action. While there is a seventh claim alleged against the defendant allegedly arising under the federal antitrust laws, this was severed by Order of the Court dated November 29, 1973, with the proviso that discovery respecting same would be completed by the parties within ninety (90) days from said date and that the Court would defer ruling on the question of whether this was a proper class action until after this Opinion and Order regarding the pending Motions for Partial Summary Judgment.
The material facts with respect to the named Plaintiffs herein are undisputed and appear as follows:
The Plaintiffs, Mr. and Mrs. Foster, borrowed some $35,600.00 from the Defendant on May 22, 1972, which was secured by a note and first deed of trust lien in the same amount on their home at 1310 Pickering Circle, Largo, Maryland. Prior to the time the Fosters executed the aforesaid note and deed of trust and prior to the time of the making of the loan in the case at bar, the Plaintiffs were supplied Federal Truth in Lending Disclosure Statements. On May 18, 1972, the Defendant sent to Plaintiffs' attorney a letter marked Exhibit G to Plaintiffs' Cross Motion for Summary Judgment stating, inter alia its instructions for closing the subject loan and this included but was not limited to compliance with the Federal Truth in Lending Act, i.e., Notice and Completion of the Federal Truth in Lending Disclosure Statement. At the closing of the loan on May 22, 1972 but before the execution of the note and first deed of trust the Plaintiffs executed the following document:
YOU MAY HAVE A RIGHT TO AT LEAST TEN (10) DAYS OPPORTUNITY TO USE THE DISCLOSURE STATEMENT TODAY SUPPLIED TO YOU FOR COMPARATIVE PURPOSES. SHOULD YOU ELECT TO DO SO THE LOAN COMMITMENT OF MARYLAND STATE SAVINGS AND LOAN ASSOCIATION WILL BE APPROPRIATELY EXTENDED.
We have been informed that pursuant to a recent Federal Court decision the Federal Truth in Lending Disclosure Statement should be supplied to the (borrowers) in sufficient time to make a meaningful comparison with other lenders' charges. Notwithstanding this right, we desire to consumate our loan this date, waiving any claim against Maryland State Savings and Loan Association for not having earlier supplied the disclosure statement.
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