Federal Deposit Insurance Corp. v. Casey

SIMMS, Justice.

This appeal presents a single issue: Did the trial court err in denying appellant’s motion to release judgment under the provisions of 12 O.S.Supp.1983, § 706.B,1 on the grounds that the confirmed plan of reorganization approved by a bankruptcy court did not constitute satisfaction of a state court judgment entered against the individual appellants.

I

In 1981, the Casey Wood Company, a general partnership consisting of appellants, J.P. Casey, J.C. Wood, N.E. Wood, executed promissory notes to the Penn Square Bank. Appellants also signed individual guaranty agreements for the…