Washington Federal Savings v. Van Engelen
Idaho Supreme Court
1Opinion of the Court
W. JONES, Justice.
I. Nature of the Case
Two real estate developers, a husband and wife, operated through various entities including a corporation and an LLC. In 2002, the corporation borrowed money from a lender; the developers, in their individual capacities, guaranteed this loan and all future advances. The corporation promptly repaid this loan. In 2005, the LLC twice borrowed money from the same lender. The lender originally insisted on a personal guaranty for these loans, but, in order to secure the developer’s business, stated that no personal guaranty would be required.
In 2006-07, the…
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