Armstrong v. Bank of America, N.A.
Armstrong v. Bank of America, N.A.
Opinion of the Court
Appellant/Defendant William Armstrong appeals an entry of judgment in an amount that exceeds the limit provided in his personal guaranty of a note executed by Co-Defendant NGLC to Appellee/Plaintiff Bank of America, N.A. Because we find that a court may impose against a guarantor an award of prejudgment interest that causes a judgment to exceed the stated limit of the guaranty, we affirm.
Armstrong guaranteed payment of NGLC’s note in the amount of $1,072,500.00. When the note went into default, Bank of America sued both NGLC and Armstrong. The trial court entered judgment for the bank in the principal amount of $1,072,500.00, plus prejudgment interest in the amount of $61,998.13 for a total award of $1,134,498.13. Although the award of prejudgment interest in this case caused the final judgment to exceed the limit stated in Armstrong’s guaranty, we hold that Florida law permits such an award. A guarantor’s total liability after litigation on the guaranteed note may ex
Affirmed.
Reference
- Full Case Name
- William J. ARMSTRONG v. BANK OF AMERICA, N.A.
- Cited By
- 1 case
- Status
- Published