215 F. Supp. 35 | M.D. Tenn. | 1962
After the Court filed its Memorandum of Decision on April 5, 1960, and before formal Findings of Fact and Conclusions of Law were submitted to implement such memorandum, the defendants filed a motion on October 6, 1960 for leave to file an amendment to their answer to interpose an additional defense to the effect that the plaintiff, as co-surety, had relinquished property without defendants’ consent which would have satisfied the obligation in full, and that the defendants, as co-sureties with the plaintiff, were therefore discharged from liability upon their guaranty.
Having heard oral argument and having fully considered the motion in the light of the entire record, the Court finds and holds as follows:
L The proposed additional defense is without merit for the reason that plaintiff and defendants are not co-sureties with respect to the obligation in question. The defendants, by a separate agreement, unconditionally guaranteed payment of the loan, an agreement supported by an adequate consideration. On
2. Further, the proposed additional defense is without merit because the agreement of December 22, 1945 was in no way prejudicial to the defendants, but simply constituted a release of the obligation of the Country Club Realty Corporation to execute a mortgage on the property in question, the property already having been contracted to be sold for the sum of $37,170.00. The release of this obligation was necessary to pass a good title to the purchaser, Spring Hill Homes, Inc. The Court has already found that the sale was contracted in good faith and that it was in every respect bona fide and valid.
Accordingly, the Court has on this date passed to the Clerk for filing formal Findings of Fact and Conclusions of Law; and a form of judgment will be submitted to the Court. Such judgment will specifically refer to and adopt the Memorandum of Decision of April 5, 1960, the Findings and Conclusions filed with the Clerk on this date, and this order, as the Court’s Findings of Fact and Conclusions of Law in the case.