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OSPREY PORTFOLIO, LLC v. IZETT

No. 68 MAP 2012

67 A.3d 749 (2013)

OSPREY PORTFOLIO, LLC, as Successor to First Union National Bank, Appellee v. George IZETT, Appellant.

Supreme Court of Pennsylvania.

Decided May 28, 2013.

Attorney(s) appearing for the Case

David L. Braverman , Philadelphia, Richard S. Julie , John Evan Kaskey , Philadelphia, Braverman Kaskey, P.C., for Appellant.

Anthony P. Tabasso , Klehr, Harrison, Harvey, Branzburg & Ellers, LLP, Philadelphia, for Appellee.

BEFORE: CASTILLE, C.J., SAYLOR, EAKIN, BAER, TODD, McCAFFERY, ORIE MELVIN, JJ.

OPINION

Justice SAYLOR.

Appeal was allowed to determine the limitation period that applies to an action on a guaranty executed under seal.

Appellant, in his capacity as vice-president of Izett Manufacturing, Inc., executed a guaranty in connection with a loan agreement entered into by the company. The loan agreement entitled Izett Manufacturing to borrow up to $50,000 and was secured by a promissory note. The note and the guaranty both were...

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