Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Kalil v. Kalil

Superior Court of Delaware

May 29, 2019

JAMES P. KALIL, Plaintiff,
v.
DONALD J. KALIL, Defendant.

          Date Submitted: February 26, 2019

         Upon Defendant Donald J. Kalil 's Motion for Summary Judgment Granted.

          James P. Kalil, Pro Se Plaintiff.

          Daniel R. Losco, Esquire, Losco & Marconi, P.A., Wilmington, Delaware, Attorney for Defendant.

          CALVIN L. SCOTT, JR. JUDGE

         Overview

         Plaintiff James P. Kalil brings this action against, Defendant Donald J. Kalil, his brother, to enforce an accelerated loan payment to the Estate and Trust of Dr. James Kalil, Sr. ("Dr. Kalil")[1] pursuant to a Promissory Note executed between Dr. Kalil and Defendant in 2011. Defendant now moves for summary judgment, arguing that Plaintiff does not have standing to bring such a claim and that the Promissory Note does not require a payment in full until its stated maturity date of June 30, 2020. For the following reasons, Defendant's Motion for Summary Judgment is GRANTED.

         Background

         On July 1, 2011, Dr. Kalil sold Defendant 49, 000 shares of voting common stock of Affinity Wealth Management ("AWM"), a Delaware investment firm, for a purchase price of $1, 432, 244.[2] This sale was recorded in a Stock Purchase Agreement. A Promissory Note ("Note") memorializing a $1, 432, 244.00 loan from Dr. Kalil to Defendant was issued in connection with the Stock Purchase Agreement to fund Defendant's purchase of the 49, 000 shares.[3] The Note provides that Defendant shall make annual payments of interest only in the amount of $28, 715.06 for a period of nine (9) years, commencing on June 30, 2012 and continuing on June 30 of each year thereafter until June 30, 2020 ("Maturity Date").[4] The Note further provides on the Maturity Date, Defendant shall pay the unpaid principal and any remaining accrued interest in full.[5]

         Following Dr. Kalil's death in 2014, Defendant was appointed as personal representative of his estate on January 16, 2015.[6] In February 2015, in his capacity as the Personal Representative of Dr. Kalil's Estate and as the Successor Trustee for a trust established by Dr. Kalil in 1997 ("1997 Trust"), Defendant administered an allonge to be attached to, and to become a permanent part of, the Note ("Allonge").[7] The Allonge added the following endorsement to the Note:

Pay to the order of James Kalil, Sr. Revocable Trust u/a/d July 15, 1997, without recourse or warranty.[8]

         On October 25, 2018, Plaintiff James P. Kalil, Jr. filed a complaint alleging that all sums due under the Note are accelerated as a result of Defendant's sale of the 49, 000 stocks transferred under the Stock Purchase Agreement.[9] Plaintiff now seeks the Court to order that Defendant immediately pay the Note in full principal and interest to the Estate and Trust of Dr. Kalil.[10] Defendant concedes that he has sold his stock in AWM but contends that the complaint fails to state a claim for relief for reasons discussed below and moves for Summary Judgment under Superior Court Civil Rule 56.

         Standard of Review

         The Court may grant summary judgment if "the pleadings, depositions, answers to interrogatories, and admissions on file, together with the affidavits, if any, show that there is no genuine issue as to any material fact and that the moving party is entitled to summary judgment as a matter of law."[11] The moving party bears the initial burden of showing that no material issues of fact are present.[12] Once such a showing is made, the burden shifts to the non-moving party to demonstrate that there are material issues of fact in dispute.[13] In considering a motion for summary judgment, the Court must view the record in a light most favorable to the non-moving ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.