Legal Opinion
Chastain Place, Inc. v. Bank South, N. A.
Court of Appeals of Georgia
Decided December 3, 1987No. 74972, 74973PublishedCited by 4 opinions
1Opinion of the Court
McMurray, Presiding Judge.
Defendant Bank South, N. A. made a $2 million construction loan agreement with plaintiff Chastain Place, Inc. The loan agreement was evidenced by a promissory note and secured by a deed to secure debt to the real property being developed. Plaintiff Hammer was a guarantor on the note. Subsequently, plaintiff Hammer borrowed $300,000 from defendant. This debt was secured by an office building owned by Hammer and the net proceeds of the loan, after paying off an existing mortgage on the building and closing costs, was used to pay interest and reduce principal on the…
2Cases cited5 opinions
- First National Bank & Trust Co. v. KunesSupreme Court of Georgia · 1973
- First National Bank & Trust Co. v. KunesCourt of Appeals of Georgia · 1973
- Henry v. Hiwassee Land Co.Supreme Court of Georgia · 1980
- Worth v. Alma Exchange Bank & TrustCourt of Appeals of Georgia · 1984
- Sidwell v. WheelerCourt of Appeals of Georgia · 1986
3Cited by4 opinions
- Belans v. Bank of America, N.A.Court of Appeals of Georgia · 2010
- Phelan v. Wells Fargo Credit Corp.Court of Appeals of Georgia · 1993
- Chastain Place, Inc. v. Bank South, N. A.Court of Appeals of Georgia · 1987
- Quattlebaum v. Ameribank, N.A.Court of Appeals of Georgia · 1997