Bennco Liquidating Co. v. Ameritrust Co. National Ass'n

Nahra, Presiding Judge.

Plaintiffs Bennco Liquidating Company (“Bennco”) and John Bennett timely appeal the granting of summary judgment for defendant Ameritrust Company National Association (“Ameritrust” or “the bank”). For the reasons set forth below, we affirm.

Bennco is the successor company to the Bennett Corporation, of which John Bennett was president. Bennco was formed for the liquidation of the Bennett Corporation. In August 1986, the Bennett Corporation entered into a financing arrangement with Ameritrust. A written security agreement provided for a loan value equal to eighty-five…