Guarantor Obligated To Pay On Loan Acquired By City National Bank

Guarantor Obligated To Pay On Loan Acquired By City National Bank

ROANOKE, Va. - A federal judge in Virginia on July 26 granted summary judgment to City National Bank (CNB), which acquired a $3.2 million loan from a failed bank, holding that the fact that CNB possibly cannot enforce the note against the signer of a promissory note "has no bearing on whether it can enforce the Guaranty, an independent contract" (City National Bank v. Moishe Tress, et al., No.7:11-cv-73, W.D. Va.; 2013 U.S. Dist. LEXIS 105398).

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