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Business Assoctiations Keyed to Gabalson, 3rd Ed.
In the Matter of Drive-In Development Corp.
Citation:
371 F.2d 215 (1966)Facts
Drive-In Development Corp. was one of four subsidiaries controlled by Tastee Freez Industries, Inc., a holding company. The subsidiaries performed different aspects of an integrated business franchising and supplying soft ice-cream stores. In April 1962, Allied Business Credit Corp. (another subsidiary) entered into a financing arrangement with National Boulevard Bank to sell and assign conditional sales contracts. As part of this arrangement, Drive-In and other Tastee Freez subsidiaries jointly and severally guaranteed Allied’s obligations to the bank. Leo Maranz, who was vice president of Drive-In and president of the parent company, signed the guaranty on behalf of Drive-In as “Chairman,” with George Dick (Drive-In’s secretary) attesting to its execution. When the bank requested a copy of the board resolution authorizing the guaranty, Dick provided a certified copy with the corporate seal affixed. However, no such resolution appeared in Drive-In’s corporate minute book. In September 1963, Drive-In and the other Tastee Freez companies filed for bankruptcy, and the bank filed a claim based on the guaranty. Creditors objected, arguing that Maranz lacked authority to execute the guaranty on Drive-In’s behalf.
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