Sinclair v. Holt

OPINION

By the Court,

Mowbray, J.:

On September 21, 1962, the Vegas Development Corporation of Nevada, through its officers, signed a $35,400 corporate installment note payable to the order of the First National Bank of Nevada. The note was secured by a chattel mortgage covering apartment furniture owned by the corporation.

On September 24, 1963, Respondent Roy E. Holt became guarantor of the note. Later the corporation encountered financial difficulties. In September 1964 the corporation filed *98a voluntary petition in bankruptcy in the United States District Court for the District of Nevada. The…