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GENERAL ELEC. CREDIT CORP. OF TENN. v. LARSON

Civ. No. 11068.

387 N.W.2d 734 (1986)

GENERAL ELECTRIC CREDIT CORPORATION OF TENNESSEE, Plaintiff and Appellee, v. Ray LARSON and Donald M. Wright, Defendants and Appellants.

Supreme Court of North Dakota.

May 15, 1986.

Attorney(s) appearing for the Case

Rosenberg & Baird, Bismarck, for plaintiff and appellee; argued by Max D. Rosenberg; appearance by Roger E. Persinger.

Pearson & Christensen, Grand Forks, for defendants and appellants; argued by Ronald F. Fischer.

LEVINE, Justice.

This is an appeal from a summary judgment granted in favor of General Electric Credit Corporation of Tennessee (GECC) in its action to recover $132,273.31 plus interest on two personal guaranties given to it by Ray Larson and Donald M. Wright. We reverse.

On August 5, 1980, GECC loaned Midwest Aviation, Inc. (Midwest) $573,300 for the purpose of purchasing an airplane. In return for the loan, Midwest executed a promissory note payable in 84...

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