Nord v. Phipps

Mr. and Mrs. Lynn E. Phipps appeal a summary judgment construing a guaranty agreement.

The facts surrounding the relationship of the parties which precipitated this lawsuit may be summarized as follows:

Prior to April 5, 1966, the Nords were indebted to the Phippses in the approximate amount of $13,700. This debt was secured by a real property mortgage. The Nords were also owners of stock in Market Street Motors, Inc. In April of 1966, the Nords sold a majority of their Market Street Motors' stock to Donald Weber. In payment, Weber executed a promissory note to the Phippses in the sum of…