Beverly Bank v. Coleman Air Transport

Plaintiff, Beverly Bank, brought this action against defendants, Coleman Air Transport Corporation and Philip Coleman (Coleman), seeking to recover on two promissory notes signed by the Corporation and guaranteed by Coleman. The proceedings against the corporation were stayed by an involuntary bankruptcy, but the trial court granted summary judgment in favor of plaintiff against Coleman. He appeals.

In 1972, Coleman incorporated Coleman Prop-Jet Sales Corporation. Plaintiff extended a line of credit to Prop-Jet which was personally guaranteed by Coleman on April 25, 1974. Specific aircraft and…