Southern Bank & Trust Co. v. Williamston Pants Co.
Southern Bank & Trust Co. v. Williamston Pants Co.
Opinion of the Court
Southern Bank and Trust Company commenced this action against the makers and several guarantors of eleven promissory notes aggregating approximately $175,000. The complaint alleged that three corporations, Williamston Pants Company, Inc., Salem Manufacturing Company, Inc., and N. A. Goldmon and Company, were the primary obligors on the eleven notes, it being specified which corporations joined to execute or which corporation separately executed each note. Four individual defendants were alleged to have executed written guarantees for the corporate obligations.
We are of the opinion that the order of summary judgment must be reversed. Appellant’s name does not appear as maker or guarantor, or in any capacity, on three of the notes, which were executed December 22, 1975 only by Salem Manufacturing Company, Inc. The only continuing guaranty agreement in the record between the appellant and the bank for the obligations of Salem Manufacturing Company, Inc. contains the following notation: “Effective through February 28, 1975, at which time will be reviewed again.” Appellant’s affidavit in opposition to the motion for summary judgment states that it was the intention of the parties that the guaranty agreement terminate at that time.
The notation on the document and appellant’s sworn statement create at least a genuine issue of fact as to whether appellant had effectively guaranteed the three aforementioned notes. Accordingly, the order of summary judgment is reversed and the case remanded for further proceedings. We express no opinion on the merits of the other issues presented by this appeal.
Reference
- Full Case Name
- SOUTHERN BANK AND TRUST COMPANY v. WILLIAMSTON PANTS COMPANY, INC., Salem Manufacturing Company, Inc., N. A. Goldmon & Company, Martin Bolonkin, Alan Gardner, Allen Goldmon and Emery Klineman, of which Martin Bolonkin is
- Status
- Published