Witherell Corp. v. Turnbull (In Re Witherell Corp.)

ORDER

STEVEN W. RHODES, Bankruptcy Judge.

This matter is before the Court on the plaintiff’s motion for summary judgment. A response and a reply brief were filed, and a hearing was held on July 23, 1992.

I

Witherell Corporation owns 43 shares of Kean Investment Company, a limited partnership. William E. Turnbull, Sr. is the general partner of Kean Investment. On March 29, 1990, Mr. Turnbull made two loans to Witherell. The first loan was for $50,000, was due April 1, 1991, and was secured by a pledge of 21.5 shares of Witherell’s interest in Kean Investment. The second loan was also for $50,000,…