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H. J. COHN FURNITURE (No. 2) v. TEXAS W. FIN. CORP.

No. 76-3019 Summary Calendar.

544 F.2d 886 (1977)

In the Matter of: H. J. Cohn Furniture (No. 2) Co., Bankrupt. H. J. COHN FURNITURE (NO. 2) CO., Appellant, v. TEXAS WESTERN FINANCIAL CORPORATION, et al., Appellees.

United States Court of Appeals, Fifth Circuit.

January 3, 1977.

Attorney(s) appearing for the Case

Perry J. Radoff, Houston, Tex., for appellant.

Robert B. Wallis, Houston, Tex., for Walter E. Heller & Co.

Hugh M. Ray, Houston, Tex., for Citizens & Southern Nat'l. Bank.

W. Edwin Denman, Thomas T. Hutcheson, Houston, Tex., for Cromfac, Inc., et al.

Before COLEMAN, GOLDBERG and GEE, Circuit Judges.

GOLDBERG, Circuit Judge:

This case raises the question whether a Texas corporation's written guaranty of a debt owed by a second corporation is a "stock or bond" of the guarantor for purposes of article XII, § 6 of the Texas Constitution. Article XII, § 6 provides:

No corporation shall issue stock or bonds except for money paid, labor done, or property actually received, and all fictitious increase of stock or indebtedness shall be void. ...

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