Gilmore v. Basic Industries, Inc.

In this appeal, we decide whether the trial court erred in ruling that (1) statutes of limitations barred two counts of the plaintiffs motion for judgment, and (2) the plaintiff was liable for a defendant’s attorneys’ fees and expenses incurred in defending this action.

I

On June 13, 1980, William R. Gilmore filed a three-count motion for judgment to recover damages resulting from a lending transaction which he entered into with Basic Industries, Inc. (Basic) on June 15, 1974. Count I alleged that Gilmore lent Basic $50,000 for which Basic executed a promissory note dated June 15, 1974, and…