Boat Ramp Road Partners, LLC v. First State Bank, Inc.
314 Ga. App. 452
| Ga. Ct. App. | 2012Background
- Guarantors personally guarantee Boat Ramp note of $2,665,000; Lorenzetti guarantee capped at $1,559,200; each guaranty independent and covers principal, interest, fees, costs; guaranties allow suit against any guarantor; appellees sought full note balance plus fees; trial court granted summary judgment totaling $2,066,867.77 for Boat Ramp and $460,395.08 / $1,576,595.08 for guarantors; Lorenzetti stayed in bankruptcy and remanded; the court affirmed in part and remanded in part.
Issues
| Issue | Plaintiff's Argument | Defendant's Argument | Held |
|---|---|---|---|
| Are the guaranties ambiguous as to cumulative liability? | Appellees rely on Rohm & Haas to hold non-cumulative | Guarantors argue Rohm & Haas creates ambiguity requiring trial | Ambiguity not present; independent guaranties do not aggregate beyond each limit |
| Did judgments against guarantors exceed guaranties' limits? | Appellees argue fees and costs are recoverable in addition to principal | Guarantors contend liability limited to stated amounts | Judgments proper; fees and costs may be awarded in addition to guarantees |
Key Cases Cited
- Rohm & Haas Co. v. Gainesville Paint, etc., 225 Ga.App. 441 (1997) (independent guaranties; ambiguity not creating excess liability; explicit limits respected)
- Sheppard v. Daniel Miller Co., 7 Ga.App. 760 (1910) (fees and costs recoverable with underlying obligation)