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Case Citations [i] (Fall 2023)

handle is hein.ali/retsgy0015 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Fall 2023 Citations SURETYSHIP AND GUARANTY 3D CHAPTER 1. TRANSACTIONS GOVERNED BY LAW OF SURETYSHIP AND GUARANTY § 2. Contract Creating the Secondary Obligation N.D.Ga.Bkrtcy.Ct.2022. Com. (c) cit. in sup. In bankruptcy proceedings for five related debtors that were jointly liable to bank as guarantors of a series of loans, debtor that was ordered to sell its property to satisfy the debt sought contribution from another debtor that did not pay any portion of the debt, the amount of which would fix the amount of an adequate protection lien that the bankruptcy court had awarded to creditor that had a lien on the property. After a bench trial, this court held, among other things, that plaintiff was entitled to contribution from defendant, and that the amount of the contribution claim had to be divided among the five debtors. The court rejected plaintiff's argument that certain pledgors that had helped secure the loans by pledging their interests in certain properties as collateral were also liable for contribution, reasoning that the pledgors' liability was limited to their interests in the properties under Restatement of Security § 83 and Restatement Third of Suretyship and Guaranty § 2. In re Bay Circle Properties, LLC, 646 B.R. 348, 368. CHAPTER 4. MULTIPLE SECONDARY OBLIGORS TOPIC 2. RIGHTS OF SECONDARY OBLIGORS TITLE A. COSURETYSHIP § 57. Cosurety's Contributive Share N.D.Ga.Bkrtcy.Ct.2022. Subsec. (2)(b) quot. in sup. In bankruptcy proceedings for five related debtors that were jointly liable to bank as guarantors of a series of loans, debtor that was ordered to sell its property to satisfy the debt sought contribution from another debtor that did not pay any portion of the debt, the amount of which would fix the amount of an adequate protection lien that the bankruptcy court had awarded to creditor that had a lien on the property. After a bench trial, this court held, among other things, that plaintiff was entitled to contribution from defendant, and that the amount of the contribution claim had to be divided among the five debtors. The court rejected defendant's argument that the insolvency of certain debtors affected the calculation of the contribution claim, citing Restatement Third of Suretyship and Guaranty § 57 in reasoning that the insolvency of a debtor was only an issue if it did not contribute its fair share, in which case the shortfall was distributed to the solvent parties, and it was COPYRIGHT (2023 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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