Georgia-Pacific Corp. v. Levitz

OPINION

LIVERMORE, Presiding Judge.

Defendant, Gary Levitz, was in 1977 the chief executive officer and a substantial owner of M.D. Pruitt Furniture Co. In order to obtain credit for Pruitt with plaintiff, Williams Furniture, a division of Georgia Pacific Corporation, Levitz executed a personal guaranty of Pruitt’s debts to Williams. That guaranty was revocable only by written notice. In January 1981, at a time when no money was owing from Pruitt to Williams, Levitz severed his relationship with Pruitt and sold his interest to another. Levitz never revoked his guaranty although Williams was…