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UNION BANK OF BAVARIA v. BELK

No. 80-0062.

510 F.Supp. 1117 (1981)

UNION BANK OF BAVARIA, Plaintiff, v. William Henry BELK, Defendant.

United States District Court, W. D. North Carolina, Charlotte Division.

April 8, 1981.

Attorney(s) appearing for the Case

Edgar Love, III, Kennedy, Covington, Lobdell & Hickman, Charlotte, N. C., for plaintiff.

Carl W. Howard, Charlotte, N. C., for defendant.

ORDER

McMILLAN, District Judge.

I. Facts

This action arises out of defendant William Henry Belk's guaranty of a $2,000,000 loan made by plaintiff Union Bank of Bavaria ("UBB") to Avery's, Inc. ("Avery's"), a corporation of which Belk is the primary stockholder.

The essential facts of the case are undisputed. In an agreement signed July 25, 1979, UBB agreed to lend $2,000,000 to Avery's. Avery's promised to pay the principal and interest...

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