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WAINWRIGHT BANK & TRUST v. PAC REALTY

No. 49A02-8609-CV-334.

513 N.E.2d 678 (1987)

WAINWRIGHT BANK & TRUST Company, Appellant (Plaintiff below), v. PAC REALTY Corporation a/k/a Pac Realty, Inc. of Indiana, Inc., and Indiana Mortgage Company, Appellees (Defendants below).

Court of Appeals of Indiana, Second District.

October 7, 1987.

Attorney(s) appearing for the Case

Jack G. Hittle, Church, Roberts & Beerbower, Noblesville, for appellant.

Louis F. Cohen, Irwin B. Levin, Teresa E. Dearing, Cohen, Malad & Hahn, Indianapolis, for appellees.

SULLIVAN, Judge.

Wainwright Bank & Trust Company (Bank) appeals the trial court's decision finding PAC Realty Corporation (Realty) not liable on its guaranty.

We reverse.

In February, 1983, PAC Financial Corporation (Financial) renewed a prior obligation to the Bank by the execution of a promissory note. This note was guaranteed by Realty, the wholly owned subsidiary of Financial. Financial defaulted on its note and on October 7, 1983, Financial...

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