Texas Water Supply Corp. v. Reconstruction Finance Corp.

RIVES, Circuit Judge.

This was an action on a promissory note by the Reconstruction Finance Corporation against the Texas Water Supply Corporation and on a guaranty contract against A. E. Fawcett, Jr., and L. M. Faw-cett. The issues on this appeal relate first to the personal liability of the guarantors, and second to the Texas Corporation’s counterclaim.

The note was executed September 30, 1942, in -the principal amount of $30,950.00 payable ninety days after date and signed for the maker, the Texas Corporation, by its President, A. E. Fawcett, Jr., and its Secretary, L. M. Fawcett. On the…