Gray v. Carter

OPINION

GARRETT, Presiding Judge:

The primary issue before us in this appeal is the applicability of 12A O.S.1981 § 9-506 to the facts herein. The parties entered into a stipulation of the facts prior to trial. These agreed facts indicate Appellant Jim W. Carter (Carter) and Appellee Joe D. Gray (Gray) formed a corporation with Pete Eischen (Eischen) in July, 1984 for an automobile dealership. Carter and Gray each owned 37½% of the stock in the *647company and Eischen owned the remaining 25%. Gray borrowed $151,070.00 from Fairview State Bank and pledged his stock as collateral for the loan. On…