Doyal v. Thornton

Andrews, Judge.

These two appeals arise out of the same lawsuit, which was based on the following facts. On September 2, 1987, appellee Thornton sold the business entity, Vermillion Bay. Thornton was paid $334,000 at closing and was given a promissory note, signed by the president of Vermillion Bay, for the balance of $334,000. In connection with the note, a security agreement and stock pledge agreement were executed. An assumption agreement which .listed Vermillion’s outstanding debts, and listed as one of those debts a lease between Vermillion Bay and Gate City Oil Equipment Company, was…