Paragano v. Gray

This is a declaratory judgment action involving a personal guaranty from plaintiffs to defendants of obligations arising from the 1986 sale of the Benj. Franklin Financial Center in Portland (the Center). The central dispute is whether the guaranty is for $1 million, as plaintiffs claim, or for $3 million, as asserted by defendants. Following a three-week trial, the jury found that there was a guaranty for $3 million and that plaintiffs were entitled to a $1 million setoff of that amount. Both parties appeal. We affirm on the appeal and on the cross-appeal.

Plaintiffs Paragano, Burstyn and…