Peters v. Central Cal. Electronics
This case involves a transaction in which the owner of half the stock of a corporation sold the stock back to the corporation. The corporation financed the purchase with a promissory note, which was personally guaranteed by the owner of the other half of the stock. The guarantor pledged property of his own to secure his performance on the guarantee. The seller sued the corporation, claiming it should have taken steps to perfect, either by filing or by control, his security interest in the guarantors property. The trial court granted the corporations motion for summary judgment. Court affirm the judgment.
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