how is payday loans work

Defendant Ronald J. Ramos appeals a wisdom adopting the demo courtroom directed a verdict in support of plaintiff House Federal Coupons & Loan Relationship (House Federal) away from Ramos’s liability to your a personal bank loan guaranty. We affirm.

Thomas Lynn, a major mortgage officer having Household Government, negotiated new arrangement having Brooks and you may waiting three data files-the borrowed funds amendment arrangement, the brand new promissory notice plus the [229 Cal

Accused Ramos was chairman of your own Ramos/Jensen Company (R/J Co.), a ca corporation. R/J Co. are the entire spouse off a finite commitment, brand new Peacock Ridge Business (Peacock), molded to complete the latest Peacock Ridge construction venture. Anywhere between Sep 1983 and you can March 1985, plaintiff Family Government loaned nearly $seven.cuatro mil towards Peacock connection. Each of the five os.

When this occurs, Peacock due big sums during the accumulated desire together with most other debt to the the project. House Federal accepted a great «work-out contract» where it forgave just about $a hundred,100000 of one’s attention and you may offered to financing Peacock an extra $50,100. Inturn, Peacock guaranteed to do an excellent promissory notice to have $150,100000 secured from the your own warranty finalized from the Ramos. (más…)