Lopresti v. Wells Fargo Bank, N.A.

Body Max, a corporation, obtained a mortgage from First Union (later Wells Fargo, defendant) with a one-percent prepayment penalty, personally guaranteed by its president Lopresti (plaintiff), who put up his residence as collateral; when Body Max refinanced through another bank, which paid off the loan including the prepayment penalty directly, Lopresti sued Wells Fargo, claiming the penalty violated New Jersey's prohibition on prepayment penalties for mortgagors other than corporations. The trial court granted Wells Fargo summary judgment for lack of standing, and Lopresti appealed.