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OLSON v. TEXAS COMMERCE BANK

No. 01-85-0457-CV.

715 S.W.2d 764 (1986)

Paul OLSON, Jerry Feagan, and Gloria Jackson, Appellants, v. TEXAS COMMERCE BANK, National Association, Appellee.

Court of Appeals of Texas, Houston (1st Dist.).

Rehearing Denied August 28, 1986.

Attorney(s) appearing for the Case

Ron V. Berkowitz, Wilkinson & Berkowitz, Gary D. Jackson, Jackson, Jackson & Loving, Dallas, for appellants.

John K. Schwartz, Liddell, Sapp, Zivley & LaBoon, Houston, for appellee.

Before DUGGAN, LEVY and HOYT, JJ.

OPINION

HOYT, Justice.

This is an appeal from a suit on a guaranty agreement. Appellants were guarantors on a $1,875,000 loan from Texas Commerce Bank ("TCB") to Cimmaron Oil Company ("Cimmaron"), which is presently the subject of Chapter 11 bankruptcy proceedings pending in federal court.

At the time of the loan in March 1981, Cimmaron was an independent oil and gas exploration and production company, whose primary assets consisted of oil and gas...

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