Untitled Texas Attorney General Opinion ( 1943 )

\, O’FFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN rroooroble Jno. tk. LeAdams Codmion4r, Department 41 banking Au8tln, 74x86 Dew hr. Jun;lsonr h re8poct to the In the oaptioa 8 Finonac Corpore- curporatlon organ- ons of Artia1t scnktiter of tbim bushems Daoclabcr 10, und4v the4 exutdnin~ rtrant by reason of bor- n la of date indloatod retlost- n the mm of $6 ,lar).77, the C the corporation lacklnr: m8ld ne; the 1i~blllLier of said cer- yoretlon, exclueite of’ Its llabillty to itm ltostictldsrs 8~ much. The oop~on e8pltaI atoak of thi* oorporation 18 on 8 no-par bada. An- other ray of mteting the finanoiel posttion Of tLt0 coatpany an of date rdatlcncd iu tu dvise dtut 16uscs in aseets ~ertn set up in the stm of $r, #7L-7.%J, rim the nnLirP CapLtul acoount US’ clre instLtutlun 4411% f%l,6?b).61. lPoll~lnr this rxrtlnltian tbr! corpora- tion was qdflsed C&t /I 4~ de4md to ba in- RC~VC* 6b tbc ext*mt of $a,m1.77~ and said c wp w*tl*n raji requestad tO cause thn asmets 1:’ E:I? wrjqany tn bs inoreaeed crald ammnt i&w uidoh raquert 04rtah of the dirb-atot& tif+rorrd 10 CIWP the espital iqalrment er in- soltenoy by 4x4outLna 4 acrtsin guaranty vuicil was subse~d*atly acoopted by thin UC- part&ant YO rostoriw; the corporation to SOL- vcncy, saSd guorb+y teln~: in Ibr t3km of $ls,6W .h . lThe cuP,:cratLm ha4 bowi recently OX&I.- Inti by re~reaentaLlrs0 of t1r.b L)4p4rtax3ntt SLY US close? nt' bunineec stpttdter m, 1912. ;Fhe PlnarrcAnl condition of the con+sny , au 84t *ub Ln bhe avst rsoont report, rrtlecta u CeplU~l UCCtUint in the sutt Ur $2Y,O70.42, and ``UOified Louma la tlla WUSJof $42,21a .7s, cbus again ttatablial~ing Y condition of inool- rcno~ tb thr: nxteht et $14,145.82 - without rc~.ard co tke outstilrdlng qmrnnty. 0013 are ~leu~ti lo WJC~QS~ a copy cc- natal guaranty, tugether with exhibits, an t&a ln- rtruunt aust be canrtrund In urdtv to dct.w- tclns rherhar or not the extent of lnsoltenq at the preamt the in 6ftl\4R.P2, w:~lctr would b4 the proper awunt if’ the ~uarontr is QWect- Lvc, or $14,lrft.P2, rrbiri: routd hc the !vtaPt o? inrulrency if the fiuacanty im cna~llfind tbruugh certuln of it.6 stl~wl;rtl``s. the guaranty cootract, a copy ot which ir at- tubed co your lettor, la in rw``hr term, and sbli~rtcs th e guumwr e la tbc lum mentioaad w you, rnd is em- ditioaed u rolleT~r walDiTl6hlm TUT tbt bU@PS at all or mid lmseta 8l~ss&fird bl the surinOr l8 lommo lm set out in ?hbiblt ‘A’ beret0 bt- t&hi, m&all ~011 &ad truly dlrebugr w pcyumt in eamh, lrrful ~onay of &ho Utitad stale0 of Ameriaa, upon tbe agC.r@~rtO et aaid abllgatiuue or 8ay renaual@ or oxten- SiQDS ol 88&b, on or before Pcbmac7 1, lQ44, La UC, BUR of nob 1e.a than fb,MK).OO net, tt being t&e jwrpoac ef bbi~ guaradty to guamntee uacandLtlanally the colle6tioa et o net uumiof $a,500.w 0-w ana 8bote eollact- lo a mpeme Cr a wilaid suet. olaasititi by tbc exudmr u 10su0, tbo JIatimal Iduaators Flame Corporabloa bein(c th e m llmnt, lb the deterplllutlerr ot State &uklng Comxdulorker et r e x a s. l l l, rThls eontrwt shall baeotienull aI told upon the remtsratioa ot rolrenc.y, er upon tbe pa7n;cmtbl the guurntoro at all ot maid l1~) or mwh rmeunt thsaot as may be DwmmoarT rttbin tba detel3u.iMtiOD ot tbc LUklry Ciodmsion9!r to reotorc t&is 8olreDe~ ot raid sarpontim or UDO~ the ootleotion of the net 8um at @U.mO.Oa Xw le reapeetfully advised tbmt tbc inntruacnt La a contlnulnp, ebligatloa, ard rill ba lmb until (inalu- difq) o’ebrcury 1, 1944. At will bo uen t&at In the 1ariOuo part8 ot the a wnliti6 lattuhed bo tbc purnt~ it lo 4xpra8sly requirml tub ~118 oorysratioa at she tIma of paynioat to it ot the amount ot tb@ lbli@Uoa on or before February 1, 1~44, ~Dall be sQllOot. 10 0fTect a disaharge of Lhis yuanty obllgrtlua jmytmt un the llrtcd items ruot be sada on or before iebruar~ 1, 1944, ami the ooryor~tlon at t&t time Yowevu, upon the aorperatiaa*o l&Un~ to it a u o st8 Ch. lUP OS $ v#u ll.@ I at ib is t1 n, 6r 6t lu a ytime fliar to Fe8rubfy 1, 1944. tbo ocrpomtioa ~111 hate thecebr been rutmU 64 lolren6~ anti1 l turtbu de- r&ol6no~ ia u4.t~ uim.4. la ltbor vordm, TO omntnm t.hfI obligotioa to bo b guar&at~of #lvmq ot the cor- por8ritka (*irtJa tbo p@mal *taiaawd) aa ai February 1, 1944.