Grover R. Bass, v. John C. Kimbrough

This case concerns liability in connection with the default on a promissory note for the purchase of stock in a closely held corporation. After a bench trial, the trial court awarded a judgment in favor of the plaintiff and also awarded attorneys’ fees to plaintiff. Two principal issues are before the Court. The first is whether the plaintiff gave the necessary parties proper notice of default under the terms of the promissory notes executed by the parties. The second is whether the guarantor of the promissory notes is liable under the personal guaranty if proper notice was, in fact, given. We find that the trial court was correct in its holding that proper notice was given and that the personal guarantor was liable. Accordingly, we affirm the trial court’s conclusion.