Telecash Investment, Inc. v. LaGrone

Ruffin, Judge.

Telecash Investments, Inc. sued Glenn Lagrone and Gilbert Thomas Stacy to recover on a guaranty agreement. Following a bench trial, the trial court found in favor of the defendants, and Tele-cash appeals. Both Lagrone and Stacy filed cross-appeals. As all three appeals involve the same operative facts, we have consolidated them in this opinion. For reasons that follow, we reverse.

The relevant facts follow. Lagrone and Stacy were officers and shareholders of Seabrook Publications, Inc. In July 1992, Telecash loaned Seabrook $30,000 to be used in operating a telemarketing…