Deep South Services, Inc. v. Wade

McMurray, Presiding Judge.

This case involves a suit on a note and guaranty of payment against the maker of the note and the guarantors thereunder brought by the plaintiff as assignee of the note as nominee under a nominee agreement by and between the nominee and several other individuals.

The defendants (a corporation and individuals) answered separately, in general, denying the claim alleging a failure of consideration in that the indebtedness arose out of an open account debt by the defendant corporation which was “partly owned” by the plaintiff who was in the process of selling the…