Dakota Bank & Trust Co., Fargo v. Grinde

GIERKE, Justice.

Jon Grinde appeals from a district court summary judgment holding him liable to the Dakota Bank and Trust Company, Fargo [Bank] for $52,005.13 plus interest as a guarantor of a corporate debt. We reverse and remand for further proceedings.

Grinde was the sole shareholder of C.J.’s, Inc. [C.J.’s]. In December 1983, C.J.’s executed a $95,000 promissory note to the Bank to renew various notes the corporation had with the Bank. That money was used to buy fixtures and other equipment for a bar and restaurant near Detroit Lakes, Minnesota, which C.J.’s was purchasing from Virgil…