Order Michigan Supreme Court
Lansing, Michigan
September 26, 2012 Robert P. Young, Jr.,
Chief Justice
144578 & (85)(86) Michael F. Cavanagh
(87)(88)(92)(93)(95) Marilyn Kelly
Stephen J. Markman
Diane M. Hathaway
Mary Beth Kelly
Brian K. Zahra,
WELLS FARGO BANK, N.A., Justices
Plaintiff-Appellee,
v SC: 144578
COA: 304682
Grand Traverse CC:
CHERRYLAND MALL LIMITED 2010-028149-CH
PARTNERSHIP and DAVID SCHOSTAK,
Defendants-Appellants,
and
SCHOSTAK BROTHERS & CO., INC.,
Defendant.
_________________________________________/
On order of the Court, the motion to file supplemental brief, and the motions for
leave to file brief amicus curiae are GRANTED. The application for leave to appeal the
December 27, 2011 judgment of the Court of Appeals is considered and, pursuant to
MCR 7.302(H)(1), in lieu of granting leave to appeal, we REMAND this case to the
Court of Appeals for further proceedings. On remand, the Court of Appeals shall
reconsider its decision in light of the Legislature’s recent passage of the Nonrecourse
Mortgage Loan Act, 2012 PA 67, MCL 445.1591 et seq., which retroactively prohibits a
post closing solvency covenant from being used as a nonrecourse carveout or as a basis
for any claim against a borrower, guarantor, or other surety on a nonrecourse loan. In all
other respects, leave to appeal is DENIED, because we are not persuaded that the
remaining questions presented should now be reviewed by this Court. The motion to
vacate is DENIED.
We do not retain jurisdiction.
I, Corbin R. Davis, Clerk of the Michigan Supreme Court, certify that the
foregoing is a true and complete copy of the order entered at the direction of the Court.
September 26, 2012 _________________________________________
s0919 Clerk