Duckworth v. Allis-Chalmers Manufacturing Co.

Allis-Chahners Manufacturing Company brought this action in the Chancery Court, First Judicial District of Hinds County, against R. L. Duckworth, Southern Equipment Sales, Inc., and others. It was based on a promissory note executed July 15, 1960 by Southern Equipment to Allis-Chalmers as payee, in the amount of $170,000. In addition, R. L. Duckworth, president- of Southern Equipment and owner of one-half of its stock, executed at the same time and on the same document an unconditional guaranty of payment “as primary obligor.” Southern Equipment made several installment payments on this note,…