(DOWNLOAD) "Moody v. Bass" by United States Court Of Appeals For The Sixth Circuit # Book PDF Kindle ePub Free
eBook details
- Title: Moody v. Bass
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 24, 1966
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 49 KB
Description
This appeal involves an action between guarantors. The case was decided by the district court upon cross-motions for summary judgment, the defendant-appellant's motion being overruled and the plaintiff-appellee's motion being allowed and a judgment being entered against the defendant-appellant in the sum of $67,296.31. The defendant has appealed from this action of the trial court. In 1961 the plaintiff, Robert L. Moody, a resident of Texas, and the defendant, Jack M. Bass, Jr., a resident of Tennessee, along with six other individuals, each signed a guaranty agreement in which they jointly and severally guaranteed payment of a loan by the Bank of Texas, Houston, Texas, to the U.S. Sulphur Corporation in the principal sum of $225,000.00. Upon default in repayment of the loan, Moody, the guarantor resident in Texas, was required to pay $231,781.25 in full repayment of principal and interest due upon the loan. Moody sought to recover by this action from five of his co-guarantors who were residents of Tennessee, including Bass. A settlement was effected with the other four parties to the suit and the suit proceeded to judgment as to Bass only. By a separate action started in the United States District Court in Texas, but removed to the District Court in Colorado, Moody sought recovery from the remaining two guarantors who were residents of Colorado. This action against the Colorado residents remains pending, with no recovery having been made, it being represented that the co-guarantors in Colorado may be insolvent.