City of Richmond v. Baer

By JUDGE MARVIN F. COLE

By letter agreement dated June 28, 1974, (Plaintiff’s Exhibit 5) the plaintiff agreed to make a loan to Fashion Floors of Virginia, Incorporated, in accordance with the terms and conditions set forth in the letter. The face amount of the note to evidence the loan was to be in the amount of $10,000.00, with interest at the rate of 7% per annum, payable in monthly installments over a period of three years. The note was to be guaranteed by certain stockholders, whose liability was to be limited as follows:

Stockholder

Shares

Percentage

Amount Guaranteed

Tommy Baer 15 12 $1,242

Sh…