(DOWNLOAD) "Itt Industrial Credit Co. v. Lawco Energy" by United States Court Of Appeals For The Sixth Circuit * eBook PDF Kindle ePub Free
eBook details
- Title: Itt Industrial Credit Co. v. Lawco Energy
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 30, 1981
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 60 KB
Description
This action was commenced on January 20, 1977. The appellee filed its complaint alleging that the appellants were liable to it as guarantors on a loan the appellee made which was in default. The appellee made a loan to Triple V Contracting, Inc. for the purchase of heavy equipment to be used in the mining of coal. Triple V was a Kentucky corporation which was owned in part by the appellants. When Triple V defaulted on these loans, the original defendants, Thompson, Whaley and Fitzgerald, set up Lawco Energy, Inc. which took over and used this equipment on an "as-is" basis and assumed the loans. In consideration of the appellees agreement to transfer the equipment to Lawco, the appellants executed personal guaranties in the appellees favor should Lawco default. Lawco then defaulted; and the appellee brought this collection action against its defaulting debtor and the guarantors on the loan.