R & P Enterprises, Petitioner v. LaGuarta, Gavrel & Kirk, Inc., Respondents, 596 S.W.2d 517

Summary

Petitioner payee brought an action against respondent payor for a deficiency on a promissory note after a trustee's sale of land securing the note. The trial court granted petitioner's motion for summary judgment and denied respondent's motion for summary judgment. The lower appellate court reversed and remanded and held that the promissory note was ambiguous because the note was reasonably susceptible to more than one meaning. The court reversed the lower appellate court's judgment and held that the pertinent paragraph was reasonably susceptible to only one meaning. The parties intended that the note would provide for personal liability of the maker if default occurred within the first two years of the note's anniversary. The relief of personal liability of the maker by "any enforcement of the liens" followed the phrase "after which time" and related to events occurring after the second anniversary of the note. Since it was uncontradicted that there was default within the two-year ...