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Contract Law: Guaranty Agreement-Fraud-Chain of Title
Staff Report//April 15, 2019
Defendant alleged that he was defrauded by his friend, who convinced defendant to sign a guaranty for a company defendant believed he co-owned with his friend, which burdened defendant with millions in debt his friend could not repay. Defendant alleged his friend lacked authority to deliver the guaranty to the bank and that plaintiff, as successor-in-interest, lacked proper chain of title.
Where FDIC had authority to create entity to which failed predecessor-in-interest’s assets could be sold, plaintiff had proper chain of title to enforce where trial court found defendant gave his friend actual authority to deliver the guaranty.
Judgment is affirmed.
Radiance Capital Receivables Eighteen LLC v. Concannon (MLW No. 73030/Case No. 17-3447 – 11 pages) (U.S. Court of Appeals, 8th Circuit, Wollman, J.) Appealed from U.S. District Court, Western District of Missouri, Laughrey, J. (David G. Brown for appellant) (Clark L. Jones for appellee)
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