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Case Citations [1] (Fall 2024)

handle is hein.ali/retsgy0597 and id is 1 raw text is: THE AMERICAN LAW INSTITUTE Fall 2024 Citations SURETYSHIP AND GUARANTY 3D CHAPTER 1. TRANSACTIONS GOVERNED BY LAW OF SURETYSHIP AND GUARANTY § 6. Rules Subject to Agreement of Parties W.V.App.2023. Com. (a) quot. in sup. 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. The trial court entered judgment against co-guarantor. This court affirmed in part, holding that the guaranty expressly waived any defense other than the full payment of the underlying debt. The court rejected co-guarantor's argument that his guaranty defenses could not be waived because the facts supporting such defenses had not yet arisen, explaining that, under Restatement Third of Suretyship & Guaranty § 6, a guarantor could validly waive rights and defenses in the guaranty contract and it was typical to incorporate this information in the contract. PITA, LLC v. Segal, 894 S.E.2d 379, 394. CHAPTER 2. FORMATION, ENFORCEMENT, AND INTERPRETATION OF THE SECONDARY OBLIGATION TOPIC 2. ENFORCEMENT OF THE SECONDARY OBLIGATION § 13. Assignment of Obligee's Rights W.V.App.2023. Cit. in sup. 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. The trial court granted partial summary judgment to co-guarantor, finding that company was an alter ego of trust, and therefore was limited to the remedy available to a co-guarantor, namely, contribution. This court reversed in part and remanded, holding that company, as assignee of the note, was entitled to bring an action for breach of contract and to recover interest and attorney's fees against co-guarantor under the terms of the guaranty, even if company was trust's alter ego. The court 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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