Corporation motion for summary judgment of dismissal

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Reference no: EM131359076

Chad was an accountant (CPA) who served as general manager of Kelly's Inc., a California corporation. Chad signed a renewal of a promissory note, renewing a note of the corporation, held by Kilgore Bank. Following the subsequent default on the Promissory note by Kelly's Inc., Kilgore Bank sued Kelly's Inc., for the amount of the note. Kelly's Inc., filed a motion for summary judgment, seeking a dismissal of the action, on the basis that by its bylaws the only one authorized to sign on behalf of t the corporation would be an officer of the corporation and that Chad was not an office and therefore had no authority to sign the renewal note in the name of the corporation. How would you rule as the judge on the corporation's motion for summary judgment of dismissal? What laws and legal rules apply here? Do bylaws stand as a good defense in this case?

Reference no: EM131359076

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