District of Columbia Court of Appeals
Opton, Inc., Howard Tytel, Appellant v. Federal Deposit Insurance Corporation, Appellee
September 15, 19941994 D.C. App. LEXIS 160
Summary
The court affirmed summary judgment enforcing Howard Tytel's unconditional guaranty of Opton's debt to the FDIC. It held that federal bank-record protections barred his nondelivery defense, that he could not assert the maker's personal defenses of incapacity or lack of corporate authority, that the guaranty required no new consideration for later loans, and that its waiver provisions defeated his collateral-impairment defense.
Holding
- Nondelivery of the guaranty. The FDIC may enforce the facially unconditional guaranty because the alleged nondelivery arrangements were agreements tending to diminish or defeat the FDIC's interest that did not satisfy the statutory requirements for enforceability against the FDIC.
- Underlying maker's incapacity and lack of corporate authority. An unconditional guarantor may not assert defenses personal to the principal obligor, including the maker's alleged mental incapacity or lack of corporate authority, unless the underlying obligation is void rather than merely unenforceable against the maker.
- Lack of consideration. The guaranty was supported by consideration and did not require new consideration for each later debt because it expressly covered Opton's debts existing then and thereafter.
- Impairment of collateral. The guaranty waived any defense based on the bank's alleged impairment of collateral or failure to pursue Opton's assets.
Docket 93-CV-602
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