WHAT IF THE FACTS WERE DIFFERENT? Suppose that the name Pyramid Title, LLC, had not been included
Question:
Suppose that the name Pyramid Title, LLC, had not been included on the face of the check. Would Peoples have been personally liable for payment of the check in that situation? Why or why not?
The Economic Dimension
Should Encore Credit Corporation’s failure to “timely fund” the $ 26,000 loan be taken into consideration by the court when determining whether Peoples could be held person-ally liable on the check? Discuss fully.
On August 26, 2005, Anthony and Alcibia Jeanmarie sold property located in New Orleans to Melanie Murray. As part of the transaction, Encore Credit Corporation provided two loans to Murray, for $ 104,000 and $ 26,000. Murray secured each loan with a mortgage (mortgages will be discussed in Chapter 30) in favor of Encore. Mark Peoples, through his company, Pyramid Title, LLC, handled the closing of the sale. At the closing, a check was drawn on the Pyramid escrow accounta in the sum of $ 110,303.86, payable to the Jeanmaries.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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What If the Facts Were Different Whether Peoples would be personally liable would depend on several factors If he indicated in some way that he was ac...View the full answer
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Related Book For 
Business Law Text and Cases
ISBN: 978-1285185248
13th edition
Authors: Kenneth Clarkson, Roger LeRoy Miller, Frank Cross
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