Chrysler Credit Corp. v. Schroeder

CRIST, Judge.

Appeal from a summary judgment in favor of Chrysler Credit Corporation (creditor) against the Schroeders (guarantors) in the amount of $441,801.82. We reverse and remand.

Guarantors were the sole shareholders in Dodge City, Ltd., a car dealership. As a prerequisite to being granted the dealership, guarantors had to sign a continuing guarantee in creditor’s favor. Due to the financial problems of the dealership, creditor obtained a replevin of all the inventory, parts and miscellaneous assets of the dealership and forced the dealership into involuntary bankruptcy. Having failed to…