House Federal Offers & Loan Assn. v. Ramos (1991)
Offender Ronald J. Ramos is attractive a judgment pursuing the trial judge led a verdict and only plaintiff Home Federal Discounts & Mortgage Connection (Household Government) off Ramos’s liability to the a personal bank loan guaranty. We affirm.
Thomas Lynn, a major mortgage manager having House Federal, negotiated the arrangement that have Brooks and waiting three records-the loan amendment agreement, the latest promissory mention as well as the [229 Cal
Defendant Ramos try chairman of your own Ramos/Jensen Company (R/J Co.), a california corporation. R/J Co. try the general lover from a restricted relationship, the newest Peacock Ridge Team (Peacock), formed to-do the new Peacock Ridge build opportunity. Anywhere between September 1983 and February 1985, plaintiff Home Federal loaned almost $7.4 million with the Peacock partnership. All the four operating system.
At that point, Peacock due reasonable sums inside accrued appeal and had almost every other loans regarding the the project. House Federal approved a « work out contract » where they forgave all but $a hundred,100 of your attract and you may wanted to financing Peacock an additional $fifty,100000. In return, Peacock guaranteed to perform an excellent promissory mention getting $150,000 shielded because of the an individual warranty signed from the Ramos.
The latest work out agreement is actually negotiated for Peacock because of the Arthur Brooks, an Roentgen/J Co. personnel.
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