Corporations Keyed to Hamilton
In The Matter of Drive-In Development Corp
National Boulevard Bank of Chicago filed a claim in an arrangement proceeding under chapter XI of the Bankruptcy Act, 11 U.S.C.A. Section:Section: 701-799, in which Drive-In was the guarantor of the debt. Maranz, an officer of Drive-In, executed a guarantee of payment to induce National Boulevard Bank to make a loan to Drive-In’s parent corporation. Although the guaranty was certified by Drive-In’s corporate secretary, there was no record that such a resolution was considered or formally approved at a Drive-In director’s meeting. The referee concluded that Maranz did not have “actual or apparent” authority to bind Drive In.
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