North Star Universal, Inc. v. Graphics Unlimited, Inc.

OPINION

KLAPHAKE, Judge.

Graphics Unlimited, Inc. appeals from a grant of summary judgment to North Star Universal, Inc. on a promissory note subject to a debt subordination agreement. Because appellant’s failure to make its payment under the note constituted a default, and the debt subordination agreement did not preclude North Star from obtaining a judgment on default, we affirm.

FACTS

The facts of this case are undisputed. On November 1, 1990, respondent North Star Universal, Inc. (North Star) sold 100 percent of the issued and outstanding shares of several graphic arts companies to Graphics…