Philips Audio Video Systems Corp. v. Bateman

Birdsong, Judge.

In November, 1973, the appellant Philips Audio Video Systems Corp., sold video equipment to Production 70’s, Inc., a corporation formed by (among others) H. C. Suit, John Cater and Dr. N. B. Bateman. The total amount of the sale amounted to approximately $194,000. The sales agreement called for a down payment of approximately $16,000 with the remainder to be paid in regular installments. Suit, Cater and Bateman executed a security agreement and conditional sales agreement by which they agreed individually to act as surety for the indebtedness. The only amount paid on the…