Escalante v. Luckie
Jorge Escalante, holder of promissory notes by American Teletronics, Inc. (ATI) and Bent Tree Group, Inc. (Bent Tree), was forced to liquidate his pledged certificates of deposit (CDs) to cover the companies' debts to MainBank. Escalante then sued ATI, Bent Tree, and four individual guarantors: John N. Stogner, Dal McKinney, D.D. Luckie, and Harry K. Myers, Jr. The trial court entered default judgments against ATI, Bent Tree, and McKinney, an agreed judgment against Stogner, and a judgment in favor of Luckie and Myers. Escalante appealed the judgment concerning Luckie and Myers. The appellate court affirmed the trial court's judgment for Luckie and Myers on their 1995 guarantee agreements related to Note 1 due to a lack of evidence linking them to Escalante's 1997 CD pledge. However, the court reversed and rendered judgment against Luckie and Myers on their guarantees for Notes 2 and 3, finding an implied assignment of the guarantees to Escalante and that these notes remained unpaid. The court also reversed and rendered judgment that Escalante is entitled to attorney's fees, remanding the case for the calculation of interest and reasonable attorney's fees.