Botkin v. Security State Bank

Greene, J.;

Security State Bank (Bank) appeals the district court’s order granting summary judgment to 32 individuals who had executed guaranties in favor of the Bank in connection with a *915loan to “Botkin LLC,” arguing that the court erred in concluding that the statute of frauds barfed enforcement of the instruments and in refusing to enforce an express waiver of the statute of frauds defense contained in the instrument. We reverse, concluding that the statute of frauds does not bar enforcement of the guaranty instruments.

Factual and Procedural Background

■In order to induce the Bank to make…