Charles White Co. v. Percy Galbreath & Sons, Inc.

LESTER, Judge.

Watkins Investments, a general partnership, obtained a construction loan from Percy Galbreath & Sons, Incorporated, which authorized advances of up to $180,000.00 with interest at 10% per annum. In connection with this loan, the partners, including Charles A. Watkins and Elleanor J. Watkins, in their capacity as individuals, signed a promissory note. As security, Percy Gal-breath took a mortgage on the premises under construction and received an assign*480ment of rents from the lease on the building after completion that Tractor Supply Company had entered into with Watkins. When…