Universal Metals and MacHinery, Inc., Petitioner v. James T. Bohart, Respondents

Summary

The Texas Supreme Court held that the Boharts were primary obligors under their guaranty agreement, making them liable for the unpaid note despite the maker's forged signature, and that a guarantor cannot assert a usury defense under Article 1302-2.09. Justice Steakley dissented, arguing for a stricter view of guarantor liability.