Lonoke Production Credit Ass'n v. Pfeifer Milling Co.

Marian F. Penix, Judge.

Pfeifer Milling Co., owned by Louis and Dorothy Pfeifer, began to furnish feed on an open account to Saline County Pork Producers (SCPP) in December 1975. On March 1, 1976 the balance due Pfeifer was $15,000. On March 12, 1976, the Pfeifers met with John M. Due, a general partner and bookkeeper of SCPP and with Henry Chambers, Vice-president of Lonoke Production Credit Association (PCA). The meeting was held in the PCA office in Lonoke, Arkansas. The Pfeifers were concerned about SCPP’s account being approximately $15,000 in arrears, and subsequently stopped delivering…