Moody v. Kirkpatrick

WILLIAM E. MILLER, Chief Judge.

In January of 1960, the remaining defendant in this action, Jack M. Bass, Jr., together with the plaintiff and six others ■entered into a written agreement with the United States Sulphur Corporation, .a Texas corporation with a mine and plant under construction at High Island, Texas, and Harry T. McClain, the principal (88%) stockholder and President •of the Corporation, in which they agreed to guarantee to the River Oaks Bank of Houston, Texas, a $225,000 loan to the Corporation in return for royalties on minerals mined and sold by the Corporation, options to…