Household Federal Offers & Loan Assn. v. Ramos (1991)
Accused Ronald J. Ramos appeals a wisdom following demo court brought a decision and only plaintiff Domestic Government Coupons & Mortgage Organization (Domestic Federal) off Ramos’s liability on an unsecured loan warranty. We affirm.
Thomas Lynn, a major financing officer to have Domestic Government, discussed the new contract with Brooks and you may wishing three documents-the borrowed funds amendment arrangement, the brand new promissory note as well as the [229 Cal
Offender Ramos is chairman of one’s Ramos/Jensen Company (R/J Co.), a california company. R/J Co. was the overall spouse of a small relationship, the fresh new Peacock Ridge Business (Peacock), shaped accomplish brand new Peacock Ridge construction enterprise. Anywhere between Sep 1983 and you can February 1985, plaintiff Family Federal loaned nearly $7.4 billion on the Peacock union. All the four operating system.
When this occurs, Peacock due large figures in accumulated notice along with other obligations regarding the your panels. Home Federal approved a «workout contract» where it forgave just about $a hundred,100000 of your interest and accessible to loan Peacock an additional $fifty,100000. Reciprocally, Peacock promised to perform an excellent promissory note for $150,one hundred thousand shielded of the a personal warranty closed by the Ramos.
The brand new workout contract is actually negotiated on behalf of Peacock by Arthur Brooks, an Roentgen/J Co. personnel. App. three-dimensional 1612] personal guarantee-which he taken to Brooks for the true purpose of obtaining Ramos’s signature. Brooks returned all the around three closed data so you’re able to Lynn towards December 18, 1986.fn.