About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Case Citations (March 2016 through June 2016) [i] (2016)

handle is hein.ali/retsgy0584 and id is 1 raw text is: SURETYSHIP AND GUARANTY 3D CHAPTER 3. INCIDENTS OF SURETYSHIP STATUS TOPIC 3. OBLIGEE'S RIGHTS AGAINST SECONDARY OBLIGOR-GENERALLY, AND AS AFFECTED BY ACTS OF OBLIGEE TITLE A. GENERAL PRINCIPLES § 34. When Defenses of Principal Obligor May Be Raised by Secondary Obligor as Defenses to Secondary Obligation C.A.10, 2015. Cit. in sup. In Chapter 11 proceedings for debtors who were principals of a company that operated a sports complex, the bankruptcy court confirmed debtors' reorganization plan, which limited debtors' liability under their personal guarantees of company's loan from creditor to the amount company owed creditor under its separate Chapter 11 plan. The district court affirmed. Reversing that portion of the decision and remanding, this court held that the bankruptcy court erred in limited debtors' liability to creditor, because discharge of a borrower's debt in bankruptcy did not affect a guarantor's liability. The court cited Restatement Third of Suretyship & Guaranty § 34 in reasoning that, to hold otherwise would impair the value of a guaranty, which acted as a safeguard to assure performance even if an obligor defaulted. In re Gentry, 807 F.3d 1222, 1227. CHAPTER 4. MULTIPLE SECONDARY OBLIGORS TOPIC 1. GENERAL PRINCIPLES; RIGHTS OF OBLIGEE § 53. Distinguishing Cosuretyship From Subsuretyship Ct.Int' Trade, 2015. Cit. in disc., subsecs. (1) quot. in disc., subsec. (4)(c) cit. in disc. After importer defaulted on payment of antidumping duties owed on shipments of freshwater crawfish tail meat imported from China, United States sued surety, seeking to recover on a continuous-transaction bond it had entered into with importer to secure duties owed on the entry of imported merchandise. Denying in part defendant's motion for summary judgment, this court held that plaintiff was not required to seek payment from another surety that had issued single-transaction bonds to importer before demanding payment from defendant. The court rejected defendant's argument under Restatement Third of Suretyship and Guaranty § 53 that it was a general obligor that was relieved of liability until plaintiff sought payment from the other surety, which was a specific obligor, reasoning that there was nothing to suggest that the other surety undertook obligations more specific than defendant with respect to securing the antidumping duties owed on the imported shipments; on the contrary, the language of the bonds at issue was identical. U.S. v. American Home Assur. Co., 113 F.Supp.3d 1297, 1308. A L m For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most