Stobaugh v. Twin City Bank

Ronald E. Bumpass,

Special Chief Justice. This is an appeal of a decision granting appellee’s Motion for Summary Judgment. The case was brought by a creditor of the limited partnerships to enforce individual capital contribution promissory notes subsequent to default by each of the limited partners. While separate actions were brought against limited partnership, the action was consolidated by the chancellor, argued, and decided on common facts.

Memphis Advisory Group, Inc. (“MAG”), a Tennessee corporation, served as the sole general partner to four limited partnerships formed in Arkansas. The…