The plaintiff bank brought a motion for summary judgment against the corporate and individual defendants for default on three small business loans totaling approximately $559,293.
The defendants initially opposed the motion, arguing the guarantees were signed under stress without independent legal advice, but conceded these arguments at the hearing.
The court found no genuine issue for trial, noting that corporate officers are not required to obtain independent legal advice to be bound by guarantees.
Summary judgment was granted, ordering payment of the outstanding loans, interest, and delivery of possession of the secured properties, along with substantial indemnity costs.
