NationsBank v. Sarelson

By Judge Rosemarie Annunziata

This matter is before the Court on defendants’ motion to set aside a confessed judgment. Defendants are husband and wife, Michael and Mary Sarelson. Defendant Michael Sarelson is the president of Commonwealth Copy Products, Inc., a closely-held corporation which became indebted to plaintiff NationsBank. He was required by the bank to personally guaranty the corporate debts to plaintiff as a function of his corporate position. The plaintiff bank additionally required his wife, Mary Sarelson, to personally guaranty the same corporate debts. Prior to full…