United States v. John N. Grayson Dorothy L. Grayson
Court of Appeals for the Ninth Circuit
1Opinion of the Court
KOZINSKI, Circuit Judge:
I
The United States Department of Commerce’s Economic Development Agency (EDA) entered into an agreement to loan $2 million to Univox-Cálifornia, Inc. 1 John L. Grayson, president and sole shareholder of Univox, and his wife Dorothy Grayson, executed an unconditional guaranty of the entire loan.
Univox failed to make any installment payments on the loan after July 1985. On February 25, 1986, EDA notified Univox that it was accelerating the note and demanding immediate repayment. A week later, EDA made a formal demand on the Graysons as guarantors for payment of all…
2Cases cited6 opinions
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- First National Park Bank v. Snellen M. Johnson and Ven SavageCourt of Appeals for the First Circuit · 1977
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- American Security Bank v. ClarnoCalifornia Court of Appeal · 1984
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