(DOWNLOAD) "Byrd V. Estate Of Nelms" by Texas Tenth District Court of Appeals # eBook PDF Kindle ePub Free

eBook details

Title: Byrd V. Estate Of Nelms
Author : Texas Tenth District Court of Appeals
Release Date : January 17, 2004
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 72 KB

Description

James H. Byrd, along with others in a joint venture, signed an agreement guaranteeing a debt incurred by the joint venture. Years after Byrd assigned away his interest in the joint venture, he was sued by The Estate of H. G. Nelms,*fn1 one of the current venture partners and also a co-guarantor, which, after purchasing the underlying debt, sought payment of the debt from its fellow co-guarantors. A jury found that the Nelms Partnership paid the debt in its capacity as a co-guarantor and not as a partner in the joint venture. The trial court held Byrd jointly and severally liable for the debt. Byrd appeals from this judgment. We find that there is sufficient evidence that the Nelms Partnership paid the debt in its capacity as a guarantor. We also hold that a co-guarantor can purchase a note and sue its fellow co-guarantors as an assignee. However, despite "joint and several" language in the guaranty agreement at issue, the Nelms Partnership is limited in its recovery to the proportionate share of the co-guarantors.