Steele v. Grot

Judge Harold R. Banke.

Richard E. Steele and John B. Grot owned two businesses together. They were co-guarantors on four business credit cards, each in the name of either Steele, Grot, or other employees. Grot’s and Steele’s business connections were dissolved on May 1, 1992, via reciprocal stock redemption agreements which did not mention corporate liabilities. After Steele severed those business connections, Grot continued to do business and continued to use the credit cards, including the card in Steele’s name. Grot contends that Steele never submitted written notice to anyone that he…