First Union National Bank v. Boykin

McMurray, Presiding Judge.

Superior Yarn Dyeing, Inc. (“Superior Yarn” or “the company”) entered into a loan agreement with First Union National Bank (“First Union”) in November 1988 with a principal amount of $400,000, plus a $250,000 line of credit. This loan was secured via the company’s assets and separate guaranty agreements executed by the president of Superior Yarn, John Boykin, and Michael L. Percy, a major stockholder of the company. The guaranty Boykin executed provides for unlimited personal liability and the guaranty Percy executed provides for personal liability up to $100,000,…