Parke Bancorp Inc. v. 659 Chestnut LLC

Summary

The court reversed the judgment awarding 659 Chestnut reimbursement of a prepayment penalty because the evidence did not clearly and convincingly establish that Parke's authorized decision-making body agreed to a no-penalty window different from the signed loan documents. For a reformation claim, the relevant corporate understanding was that of Parke's loan committee, not the loan officer who lacked authority to bind the bank. The court also held that Parke waived its counterclaim for the higher prepayment penalty by failing to argue it adequately on appeal.