Continental Ozark, Inc. v. Lair

Judith Rogers, Judge.

The appellant, Continental Ozark, Inc., appeals the decision of the trial court granting judgment in favor of appellee, Steven Lair. The only question on appeal concerns the propriety of the trial court’s conclusion that the appellee, a guarantor on a corporate obligation, was discharged as a matter of law due to the subsequent sale of his interest in the obligor corporation. We reverse and remand.

The undisputed facts in this case reveal that the appellant sold petroleum products to Lair Oil Company, Inc. on an open account basis. In May of 1984, appellee, who owned an…