EKA Liquidators v. Phillips

OPINION

BAKER, Justice.

The issue in this case is whether the Texas four year statute of limitations or the federal six year statute of limitations applies to guaranties executed by Troy D. Phillips. The trial court granted Phillips summary judgment on the basis that the Texas four year statute applied. EKA appeals, contending the trial court incorrectly applied the law and that the federal six year statute applies. We affirm.

THE BACKGROUND FACTS

Phillips signed two guaranties, one for each of two notes. The maker of one note defaulted on August 11, 1986. The payee bank failed on September 25,…