Abramson v. Small Business Development Agency

MEMORANDUM AND ORDER

The issue presented in this declaratory judgment action is whether certain named guarantors of a promissory note may be held liable to the current holder of the note for a deficiency judgment under the terms of Article 9 of the Uniform Commercial Code, 11A V.I.C. Plaintiffs — each of the named guarantors — have moved for summary judgment. Fed. R. Civ. P. 56. For the reasons which follow, the motion will be denied and judgment will be entered for defendant.

I

The following facts have been stipulated to by the parties.(1) On November 23, 1973, the People’s Broadcasting…