Delaney v. Happel

This is an appeal from a summary judgment entered in favor of the appellee.

In July 1982, plaintiff James Paul DeLaney entered into an “Intercreditor and Security Agreement” with defendant James Happel, appellee Carl Stacey, and several other individuals, granting each a security interest in DeLaney’s art collection. The “Intercreditor and Security Agreement” stated that DeLaney was indebted to Stacy in the amount of $375,000, that part of this indebtedness was represented by a reimbursement agreement executed by DeLaney and Stacy, and that pursuant to the reimbursement agreement, Stacy would…