SAM VINCE AND PATRINA VINCE, APPELLANTS,
v.
UNITED STATES OF AMERICA, APPELLEE
AI-generated. These summaries, headnotes, and key points are machine-generated and may contain errors or omissions. Always verify against the full opinion text below. Not legal advice.
The court held that guarantors can waive statutory protections that would otherwise limit the scope of their guaranty.
Appellants acted as guarantors for a corporate loan from the Small Business Administration. They challenged the judgment against them, arguing the SBA…
The full statement of facts, procedural history, and disposition for this case are member content.
Join FLexlaw to unlock all legal intelligence© FLexlaw, Inc. — AI-generated enrichments are proprietary. All rights reserved.
Explore caselaw by topic → Browse Guaranty Agreement cases and more on FLexlaw
PER CURIAM:
Appellants complain of a judgment against them as guarantors of a small loan made by the Small Business Administration to their corporation, Vince Mechanical Contractors, Inc. In substance, they attack the judgment on the ground that the trial court declined to consider their assertion that the Small Business Administration improperly administered assigned accounts held as collateral. They say that Louisiana law requires that the broad power given by the guaranty instrument cannot exceed those powers actually granted in the promissory note itself.
We agree with the trial court that the contract of guaranty (“suretyship” under Article 3037 of the Louisiana Code) does not place “more onerous conditions” upon the guarantors than those contracted by the debtor. To the extent that the conditions are more broadly stated in the guaranty agreement, we conclude that the guarantors waived, to such extent, the provisions of the codal sections involved.
Assuming that we are to apply Louisiana law, see United States v. Yazell, 382 U.S. 341, 86 S.Ct. 500, 15 L.Ed.2d 404, we find no Louisiana decisions limiting the power of such guarantors to waive the benefits of the statute.
The judgment is affirmed.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By
-
United States v. Stadium Apts., Inc., 425 F.2d 358 (9th Cir. 1970)
-
United States v. Proctor, 504 F.2d 954 (5th Cir. 1974)
Authorities Cited
- United States v. Yazell, 382 U.S. 341 (U.S. 1966)