Legal Opinion
Smith v. Community National Bank
Texas Court of Appeals, 11th District (Eastland)
Decided July 14, 2011No. 11-09-00196-CVPublishedCited by 2 opinions
1Opinion of the Court
OPINION
TERRY McCALL, Justice.
Trans-Gulf Drilling Services, Inc. and Trans-Gulf Rig # 1, LP (collectively Trans-Gulf) executed a note and security agreement dated October 29, 2007, in favor of Community National Bank (CNB). The promissory note was in the original principal amount of $2,336,182 and was secured by a drilling rig, related equipment, and an insurance policy on the rig. C. Kyle Smith, the director of Trans-Gulf, issued a personal guaranty to CNB in which he guaranteed the amount due to CNB under the note.
Trans-Gulf filed for Chapter 11 bankruptcy in January 2008. On February 28,…
2Cases cited17 opinions
- Nixon v. Mr. Property Management Co.Texas Supreme Court · 1985
- City of Houston v. Clear Creek Basin AuthorityTexas Supreme Court · 1979
- American Tobacco Co., Inc. v. GrinnellTexas Supreme Court · 1997
- Lear Siegler, Inc. v. PerezTexas Supreme Court · 1991
- " MOORE" BURGER, INC. v. Phillips Petroleum CompanyTexas Supreme Court · 1972
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3Cited by2 opinions
- Kapor v. RJC Inv., Inc.Montana Supreme Court · 2019
- in Re: Patrick J. Curry and PJC Equipment Leasing, LLC, Texas Court of Appeals, 5th District (Dallas)2013