(DOWNLOAD) "Ruiz v. Otis Elevator" by Arizona Court of Appeals # eBook PDF Kindle ePub Free
eBook details
- Title: Ruiz v. Otis Elevator
- Author : Arizona Court of Appeals
- Release Date : January 05, 1985
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 52 KB
Description
Defendant, Gary Levitz, was in 1977 the chief executive officer and a substantial owner of M.D. Pruitt Furniture Co. In order to obtain credit for Pruitt with plaintiff, Williams Furniture, a division of Georgia Pacific Corporation, Levitz executed a personal guaranty of Pruitts debts to Williams. That guaranty was revocable only by written notice. In January 1981, at a time when no money was owing from Pruitt to Williams, Levitz severed his relationship with Pruitt and sold his interest to another. Levitz never revoked his guaranty although Williams was aware that he no longer was involved with Pruitt. Williams also knew that Levitz had revoked similar guaranties with other furniture manufacturers. Its credit manager assumed that Levitz had simply overlooked notifying Williams. Despite substantial concerns about the financial stability of Pruitt, Williams shipped furniture to it in the summer of 1981. Shortly thereafter, Pruitt went bankrupt. Suit was brought on the Levitz guaranty and Levitz appeals from the summary judgment granted against him. We reverse.
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