LOCKWOOD INTERNATIONAL, INCORPORATED, Plaintiff, versus WELLS FARGO, NATIONAL ASSOCIATION; TRUSTMARK NATIONAL BANK, Defendants-Third Party Plaintiffs—Appellees, versus MICHAEL F. LOCKWOOD, Third Party Defendant—Appellant., 2021 U.S. App. LEXIS 24385

Summary

HOLDINGS: [1]-Where the guarantor's companies breached the loans' financial covenants and he guaranteed the companies' debt, the district court did not err by finding he breached the guaranty; because he could not invalidate the forbearance agreement on the grounds of fraudulent inducement or duress, his ratification of the personal guaranty stands; [2]-The duress defense failed, because the guarantor did not establish that the lenders perpetrated any bad acts to obtain his signature on the forbearance agreement.