Floyd v. Gore

Johnson, Presiding Judge.

We granted G. William Floyd’s application for discretionary review of the trial court’s denial of his motion to set aside a judgment. For the reasons which follow, we reverse the judgment of the trial court.

Harold and Barbara Gore were majority stockholders in Acadia Manufacturing Corporation. In November 1986, Floyd loaned Acadia Manufacturing $250,000. Acadia Manufacturing executed a promissory note in favor of Floyd, and the Gores executed a guaranty, wherein they personally agreed to pay the note upon default. The guaranty was secured by a parcel of the Gores’…