(DOWNLOAD) "Frank Maykus v. Texas Bank & Trust Company Dallas" by Dallas No. 19,164 The Fifth Court of Civil Appeals " Book PDF Kindle ePub Free
eBook details
- Title: Frank Maykus v. Texas Bank & Trust Company Dallas
- Author : Dallas No. 19,164 The Fifth Court of Civil Appeals
- Release Date : January 18, 1977
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 70 KB
Description
Frank Maykus, Jr., appellant, was sued by Texas Bank & Trust Company on a guaranty agreement by which he allegedly personally guaranteed an obligation of Maykus Diversified, Inc., a corporation which he controlled. In defense, appellant asserted that the guaranty was not executed to secure the corporate obligation and, alternatively, that the guaranty agreement was not supported by consideration. The trial court directed a verdict for the bank, and this appeal followed. We affirm. On December 4, 1972, appellant, in his corporate capacity as president of Maykus Diversified, Inc., executed a promissory note payable to Texas Bank & Trust Company. A series of related transactions stemmed from this obligation, including the execution of a second promissory note by Maykus in both his individual and corporate capacities. On August 8, 1973, appellant renewed the second note in his corporate capacity, and subsequent to this renewal, a guaranty agreement was executed and signed Frank Maykus =Maykus Diversified, Incorporated. When the corporation defaulted on the underlying obligation, the bank sued appellant individually, claiming that he had personally guaranteed the corporate debt. At trial, appellant contended that the guaranty agreement described above did not secure the corporate obligation and, alternatively, that there was no consideration of the guaranty. The trial court rejected these arguments and directed a verdict for the bank as a matter of law.