Court Opinion

ID: 9560887
Source: CourtListenerOpinion
Date Created: 2023-08-21 17:58:35.539934+00
Date Added: 2024-06-11T09:13:18.453634
License: Public Domain

JOHNSON, Justice,
concurring and dissenting.
I concur with the decision of the Court to deny the petition for rehearing of Bliss Valley Foods and the Erkins. I also concur with the portion of the opinion on denial of rehearing concerning part V (Defamation) of the Court’s original opinion in this case.
I would, however, grant the limited guarantors’ petition for rehearing for the reasons stated in my concurring and dissenting opinion issued with the original opinion in this case.
I also dissent from the decision of the Court to withdraw footnote 17. This footnote reads:
The equitable claim against the limited partners, in their capacity as limited partners, is limited to their investment interest in the limited partnership’s assets. The bank’s additional claims against the limited partners on their assumption of liability agreements and guaranties are legal claims, not equitable claims.
In my view, Idaho First’s claims against the limited guarantors on the amended assumption of liability agreements and guaranties are clearly legal claims and cannot be construed to be equitable in nature. The amended assumption of liability agreements state that each of the limited guarantors “unconditionally assumes primary personal liability, without right of contribution from the Corporation or any other Shareholder thereof, to pay pursuant to the Notes.” These agreements describe the nature of the limited guarantors’ obligations as “independent of any other obligations of the Corporation, and a separate action or actions may be brought and prosecuted against the Shareholder whether action is brought against the Corporation or whether the Corporation is joined in any such action or actions.”
Idaho First did not sue the limited guarantors to foreclose, but rather to collect the amounts the limited guarantors agreed to pay pursuant to the amended assumption of liability agreements and guaranties. These are legal, not equitable, claims.