EBR CORPORATION v. PSL Air Lease Corporation

DUFFY, Justice:

This is an appeal from a summary judgment entered by the Superior Court for plaintiff, PSL Air Lease Corporation (PSL), a Delaware corporation, in an action on a guaranty agreement and a promissory note. 1

I

E.B.R. Corporation (EBR), a Delaware corporation (defendant), was owned by Edwin, Brooke and Robert Matlack, three brothers who served as its directors. EBR owned a controlling interest in Flying W Airways, Inc. (Flying W), a New Jersey corporation. The Matlack brothers were also directors of Flying W.

In 1969 Flying W leased two aircraft and certain aircraft engines from…