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Heath v. Boston Capital Corporate Tax Fund VIII

The parties' amended partnership agreement unambiguously determined the plaintiff's capital investment in the partnership and defendants unconditionally guaranteed repayment of the plaintiff's investment.

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The Superior Court of Houston County granted summary judgment to Boston Capital Corporate Tax Fund VIII “Boston Capital” on its complaint to collect on a personal guaranty agreement signed by Miller L. Heath, Jr. and Miller L. Heath, III. The court entered judgment against the Heaths in the principal amount of $952,395.29, plus interest and attorney fees. Finding no reversible error, we affirm.

Viewed in the light most favorable to the Heaths, the record reveals the following relevant facts: In February 1997, the Heaths, through a limited partnership, began developing a low-income housing project in Warner Robins, Georgia. The Heaths were members of the general partnership, Ignico Developers, LLC. Boston Capital was the primary limited partner in the limited partnership, Rosewood Partners, L.P. “Rosewood”. Pursuant to the partnership agreement which created Rosewood, Boston Capital provided 99 of the partnership’s funding. To induce Boston Capital’s investment in the project, the Heaths executed a personal guaranty in favor of Boston Capital in which they unconditionally guaranteed repayment of their obligations under the partnership agreement.

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