Consolidated Foods Corporation v. Pearson

Sheran, Justice.

Appeal from a judgment of the district court and an order denying a motion for a new trial.

Appellants, A. M. Pearson and his wife, Eva M. Pearson, were the sole owners and principal officers of a now defunct corporation called Sunbreak, Inc., whose business included the marketing of eggs. On December 9,1966, Pearson submitted to respondent a financial statement for Sunbreak on the basis of which respondent authorized a line of credit not to exceed $25,000 in connection with an arrangement whereby Sunbreak placed its produce in cold storage at respondent’s warehouse in St. Paul…