Consolidated Financial Corp. v. Les Byron Associates, Inc.

Defendants, Les Byron Associates, Inc. and Les Byron, Sr., appeal the district court’s granting of summary judgment for the plaintiffs, Consolidated Financial Corporation (C.F.C.) and First National Bank of Minneapolis in this diversity action1 for collection on a mortgage note guaranteed by defendants. We affirm.

*509On July 5, 1974, C.F.C. entered into an agreement with L.B.A. of Minnesota, Inc., Les Byron Associates, Inc., and Lester A. Byron, Sr. (Byron) in which C.F.C. agreed to provide funding for Byron and the two corporations to develop a tract of land in Minnesota. On August 1, 1974,…