ELEMENTS OF SUIT ON PERSONAL OR CORPORATE GUARANTY AGREEMENT
To obtain summary judgment on a guaranty agreement, a party must conclusively prove: (1) the existence and ownership of the guaranty contract, (2) the performance of the terms of the contract by plaintiff, (3) the occurrence of the condition on which liability is based, and (4) guarantor's failure or refusal to perform the promise. Barclay v. Waxahachie Bank & Trust Co., 568 S.W.2d 721, 723 (Tex.Civ.App.--Waco 1978, no writ).
SOURCE: Amarillo Court of Appeals - 07-10-0027-CV - 7/26/11
RELATED TERMS AND PHRASES: guaranteeing payment, signing loan documents for another, agreeing to be held liable for the debt of a loan applicant, borrower in the event of default