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

Summary

The Texas Supreme Court held that the Boharts were primary obligors under an absolute guaranty, liable despite the maker's forged signature, and therefore could not assert a usury defense; the Court reversed the Court of Civil Appeals and affirmed the trial court judgment for Universal Metals and Machinery. Justice STEAKLEY, dissenting, argued the majority improperly treated the Boharts as primary obligors and would have affirmed the appellate judgment.