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Case Citations [1] (Fall 2024)

handle is hein.ali/relwsec0596 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Fall 2024 Citations SECURITY DIVISION II. SURETYSHIP CHAPTER 5. SURETY AND CREDITOR § 124. Non-Disclosure by Creditor W.V.App.2023. Cit. in case cit. in ftn. Trust, as guarantor of borrower's loan under a promissory note, and limited-liability company that trust created to purchase the note from lender's successor using trust funds, sued co-guarantor for breach of contract after borrower defaulted on the note and co-guarantor refused to honor the guaranty. After two additional co-guarantors settled with trust and company, the trial court found co-guarantor and trust were equally liable for the unpaid balance of the borrower's loan. This court affirmed, adopting the approach set forth in Restatement Third of Suretyship and Guaranty § 57, and holding that the trust and co-guarantor were equally liable for the unpaid balance on borrower's loan, given that there was no express or implied agreement to the contrary. The court noted that West Virginia courts had often looked to the Restatements for guidance in the areas of guaranty and suretyship and had adopted Restatement First of Security § 124. PITA, LLC v. Segal, 894 S.E.2d 379, 402. CHAPTER 6. COSURETYSHIP AND SUBSURETYSHIP § 154. Computation of Contribution W.V.App.2023. Com. (f) cit. in disc. and quot. in ftn. Trust, as guarantor of borrower's loan under a promissory note, and limited-liability company that trust created to purchase the note from lender's successor using trust funds, sued co-guarantor for breach of contract after borrower defaulted on the note and co-guarantor refused to honor the guaranty. After two additional sureties settled with trust and company, the trial court found that co-guarantor and trust were equally liable for the unpaid balance of borrower's loan, given that there was no express or implied agreement to the contrary. Affirming, this court adopted the approach set forth in Restatement Third of Suretyship and Guaranty § 57, noting that it modified and simplified the rule set forth in Restatement First of Security § 154, which automatically COPYRIGHT (02024 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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