White v. Winchester Land Development Corp.

MARTIN, Chief Judge.

Charles T. and Adelyn S. White appeal from a decision of the circuit court holding that certain stock pledged as security on appellants’ personal loan could be sold by the appellee bank to discharge the indebtedness on subsequent loans executed by appellants in the name of their corporation. The rather unusual facts of this appeal present several significant questions as to the extent of individual liability on corporate loans.

On February 2,1973, Charles T. and Ade-lyn White jointly executed a $15,000.00 personal note to The Winchester Bank. To secure this note, Charles’…