[Download] "Grooms v. Rice" by Colorado Court of Appeals # Book PDF Kindle ePub Free
eBook details
- Title: Grooms v. Rice
- Author : Colorado Court of Appeals
- Release Date : January 03, 1967
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 49 KB
Description
L. Wilson Rice executed a promissory note on May 24, 1960, payable to the order of T. H. Ruth and F. A. Wilder, in two installments of $5,000 each. On July 5, 1960, before any payment was due on the above mentioned note, Grooms loaned the sum of $25,000 to Investment Bankers, Inc. which loan was evidenced by a written contract between him and the corporation. Repayment of the amount of the loan by Investment Bankers, Inc. to Grooms was guaranteed by F. A. Wilder and T. H. Ruth, and as additional security to guarantee the repayment they endorsed the above mentioned Rice note and delivered it to Grooms as collateral security for the repayment of the $25,000 loaned by him. In addition thereto Ruth and Wilder executed their own note payable to Grooms, in the amount of $15,000, which was secured by a second deed of trust on lands in Weld county. This note was additional collateral security for fulfillment of the guaranty of Ruth and Wilder. The indebtedness due Grooms from Investment Bankers, Inc. was to be repaid in the sum of $10,950 the first year after date, an equal sum the second year, and the balance the third year.