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PALM BEACH, INC. v. ALLEN

No. 8726DC1191.

370 S.E.2d 440 (1988)

PALM BEACH, INCORPORATED, a corporation, By and Through EVAN PICONE, INC., DIVISION OF PALM BEACH COMPANY and its wholly owned subsidiary Austin Hill, Ltd., Plaintiff, v. William Garith ALLEN and William G. Teague, Jr., Defendants.

Court of Appeals of North Carolina.

August 2, 1988.

Attorney(s) appearing for the Case

Harkey, Fletcher, Lambeth and Nystrom by Philip D. Lambeth, Charlotte, for plaintiff-appellant.

Collie and Wood by James F. Wood, III, Charlotte, for defendant-appellee.

JOHNSON, Judge.

This civil action was instituted to collect sums due on a line of credit extended pursuant to a personal guaranty signed by defendant Teague on 5 August 1985. The first named defendant, William Garith Allen, has been dismissed from this action and is not involved in this appeal in any manner.

On 5 August 1985, defendant Teague signed a personal guaranty to secure payment of an account extended to T.B. Investments of Durham, Inc. by plaintiff...

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