Ashcraft v. Lookadoo

OPINION

HANKINSON, Justice.

W.R. Ashcraft purchased a note deficiency from the Resolution Trust Company. The principal issue presented here is whether, when Ashcraft purchased that deficiency, he also acquired Donald E. Lookadoo’s guaranty, which secured the original note, so that he became the guaranty’s owner and could enforce it against Lookadoo. According to the contract governing this transaction, the *909RTC agreed to transfer to Ashcraft only the note deficiency and any supporting documents located in the asset file. Ashcraft concedes that the asset file he received from the RTC did not…