CENTRAL BANK v. JEFF WILKES, ET AL. (EASLEY) - Articles

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Posted by: Stacey Shrader Joslin on Jul 21, 2016

Court: TN Court of Appeals

Attorneys 1:

Terry Abernathy, Selmer, Tennessee, for the appellant, Central Bank.

Attorneys 2:

Dennis W. Plunk, Savannah, Tennessee, for the appellee, Leon Easley.

Judge(s): ARMSTRONG

This case arises from a delinquent loan. Appellee is one of the principals of a development company that obtained a loan in the amount of $250,000 from Appellant bank. Appellee was allegedly unaware of this loan. Subsequent to the $250,000 loan, Appellant bank gave the company another loan in the amount of $300,000, which all of the company?s principals, including Appellee, personally guaranteed. The guaranty agreement provided that the principals would personally guarantee all of the company?s debts which “may now or at any time hereafter” be owed to the Appellee bank. Appellee paid the $300,000 loan in full in exchange for Appellant bank releasing a lien on 32 acres of land owned by the development company. A year later, Appellant bank brought suit against all three principals for the $250,000 loan. The trial court granted judgment in favor of the Appellee, finding that the Appellee affected an accord and satisfaction with Appellant bank. Appellant appeals. Affirmed and remanded.