Petroleum Equipment Financial Corp. v. First National Bank of Fort Worth

OPINION

RICHARD L. BROWN, Justice.

Petroleum Equipment Financial Corporation (PEFCO) executed a note to The First National Bank of Fort Worth (Bank) for $421,000.00 in May of 1979. Donald Bauer (Bauer) and Robert Wenz (Wenz) were guarantors of the note. The principal and interest were to be paid in monthly installments. After paying $53,731.48 PEFCO defaulted. Bank instituted action in district court to recover from PEFCO, Bauer and Wenz $367,268.52 as principal plus interest due and owing on the note. On January 9, 1981 Bank’s motion for summary judgment was granted. On the same day the trial…