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Goodman v. Ladd Estate Co.

Oregon Supreme Court

427 P.2d 102 (1967)

Facts

Ladd Estate Co. (defendant) agreed to guarantee a loan for Edmond Wheatley because Ladd Estate had secured an unconditional, express guarantee for itself from Walter Liles (defendant) individually and from Westover Tower, Inc., with Liles signing as its president and Samuel Martin signing as its secretary. At the time of the execution of the loan agreement, Liles owned 100 percent of the common shares of Westover. Wheatley was a director of Westover. Wheatley defaulted on the bank loan guaranteed by Ladd Estate. When Ladd Estate demanded reimbursement from Westover, Westover rejected the demand. Ladd Estate then filed suit against Liles and Westover. Eventually, Morton Goodman and Edith Goodman (plaintiffs) purchased 100 percent of Westover with full knowledge of the guaranty by Westover and Liles to Ladd Estate. However, the Goodmans purchased Westover believing that the guaranty by Westover was invalid. The Goodmans brought suit to invalidate the guaranty agreement as inequitable. The lower court dismissed the suit. The Goodmans appealed to the Oregon Supreme Court.

Rule of Law

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Issue

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Holding and Reasoning (Lusk, J.)

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