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Obligation to provide<br />
information to a surety<br />
Facts:<br />
- The security for the loan included a $200,000 personal<br />
guarantee from Beaulieu.<br />
- The Company lost significant sums of money over a<br />
2-year period. Beaulieu met almost on a daily basis with<br />
the account manager and then with the person assigned<br />
from the "special account management unit" to discuss<br />
the financial situation.<br />
- The Bank agreed to forbear defaults in exchange for<br />
changes to the loan terms including an obligation of<br />
Beaulieu to inject more equity and to provide an<br />
additional $200,000 personal guarantee.<br />
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