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IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN ...

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN ...

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN

RIMAS PROPERTIES, et al., Plaintiffs, v. IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA AMALGAMATED BANK, Individually and as Trustee of Longview Ultra Construction Loan Investment Fund, Defendant. Schiller, J. : : CIVIL ACTION : : : : : : No. 09-5779 : MEMORANDUM August 3, 2010 Plaintiffs Rimas Properties LLC, Rimas Properties, LP, and Samir Benakmoume (collectively “Rimas”) initiated a lawsuit seeking a declaratory judgment that Defendant Amalgamated Bank (“Amalgamated”) violated Pennsylvania’s Deficiency Judgment Act and requesting that Rimas be released from any further debt obligation to Amalgamated. Currently before the Court are the parties’ cross-motions for summary judgment. For the reasons that follow, the Court will grant Amalgamated’s motion and will deny Rimas’s motion. I. BACKGROUND Rimas Properties, LP is a Pennsylvania limited partnership and Rimas Properties, LLC, a Pennsylvania limited liability company, is its general partner. (Compl. 8–9; Answer 8–9.) Amalgamated is a commercial bank organized under the laws of New York, with its principal corporate offices in New York. (Compl. 11; Answer 11.) On or about September 2, 2005, Rimas borrowed thirty-three million dollars from Amalgamated, secured by a mortgage on a residential

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