Pisano v. Security Management Co.

Birdsong, Judge.

Michael and Carol Pisano appeal the grant of summary judgment to Davis and Security Management Co. ("Management”) of which Davis is the principal stockholder and director.

The determinative issue involves the meaning and effect of a guaranty signed by Davis binding himself individually and Management corporately to pay dividends. The material facts show that Davis was the sole owner of Management, a property management concern. In 1972, Davis sought funds to create a new business for real estate development, under the name of security Properties ("Properties”). As an incentive…