Hosford v. Automatic Control Systems, Inc.

This action was brought by Harry W. Hosford to recover the principal and interest due on five different notes. After a trial to the court, Hosford was awarded a total of $230,605.78 on all of the notes. This court reverses and remands.

On February 1, 1975, Don Wetzel executed four promissory notes, each for $50,000, as president of AutoControl Service, Inc., the predecessor in interest of Automatic Control Systems, Inc. The amounts were payable to Air Charter Service. Later in 1975, Air Charter Service was liquidated and the notes were assigned to Hosford as its sole shareholder. On February…