Farouki v. Petra Int’l. Banking Corp., et al

In 1986, appellee personally guaranteed a loan made by Petra to AEGIS. Appellee subsequently sued Petra in district court in late 2008, seeking a declaratory judgment that he did not have any obligations under a Guaranty Agreement. Petra counter-sued in early 2009, seeking to enforce the Guaranty Agreement. The court concluded that Petra's claim was time-barred where the limitations period began in 1987 when AEGIS declared bankruptcy and appellee was obligated to pay Petra under the Guaranty Agreement, and the limitations period expired in 1999. The court also concluded that Petra should have the opportunity to produce evidence sufficient to create a substantial question of material fact to the governing issues of the case. Accordingly, the court vacated the district court's grant of summary judgment and remanded for further proceedings. View "Farouki v. Petra Int'l. Banking Corp., et al" on Justia Law