Taylor v. Ross

OPINION

FRANKS, Judge.

In this action on a guaranty agreement, the trial court entered judgment for plaintiffs and defendants have appealed, insisting the judgment exceeds their obligations under the terms of the guaranty.

*611Plaintiffs sold 600 acres of land to defendants for a consideration of $300,000.00. As a part of the purchase price, defendants assigned plaintiffs a $125,000.00 mortgage note, secured by 10 acres of land in Blount County. Defendants additionally agreed to guarantee any losses of the principal debt on the note up to $50,000.00. Specifically the contract provided, in pertinent…