Webbank, a Utah Industrial Loan Corporation, Susan Soliz, Justin Magner, Econuel Ingram, and Johnny Childers…

Summary

The Utah Supreme Court held that summary judgment was improper because the transaction documents were ambiguous as to whether the parties intended a genuine secured loan or a sale or assignment of structured-settlement payments. Although the individual contract provisions were not ambiguous, the character of the transaction as a whole was reasonably subject to competing interpretations, requiring extrinsic evidence and a trial on the parties' intent. The court therefore reversed and remanded without reaching the Article 9 exemption issues.