First National Bank, Giddings v. Helwig

SHANNON, Justice.

This is a suit on a note by appellant, The First National Bank of Giddings, against appellee, Walter Helwig. The trial court entered judgment for appellant for $10,738.58, being one half of appellant’s claim. We reverse the judgment of the trial court.

In 1959 Invader Manufacturing Company located in Giddings and began fabricating boats. Appellee was president of Invader until December, 1961 when he sold out his interest. At the same time, appellee co-signed two notes totaling $17,875.00 as surety for Invader in favor of appellant. As security, appellant took a chattel…