Bradley v. Romeo

OPINION

The issue presented is whether one who individually signs a promissory note to guarantee a preexisting corporate debt is personally liable on that note. Our examination of the relevant statutes reveals that there is liability. Accordingly, we reverse.

On February 14, 1980, Chester Ham 1 loaned $1,5,000 to United Pacific Ventures, Inc. dba American Ambulance (American). Although the check was made out to Donald Romeo (a shareholder in American), the trial court found that the loan was made to American rather than to Romeo personally. 2 Several months later Romeo and Ryan Johnson, who is…