Int'l Mgmt. Grp., Inc. v. Bryant Bank

THOMAS, Judge.

In March 2010, International Management Group, Inc. ("IMG"), through its owner and president, Michael Carter,1 executed six promissory notes to Bryant Bank ("the Bank"); Carter personally guaranteed the notes. At that time, IMG was the mortgagee of a mortgage executed by James L. Banks and Martha R. Rembert ("the mortgage"). In July 2010, Carter organized Liberty Assets, LLC ("Liberty"). In August 2010, IMG assigned the mortgage to Liberty; no consideration for the assignment was exchanged between IMG and Liberty.

In February 2011, Liberty assigned the mortgage to Clarence Carter…