Gifford v. Old Republic Insurance Co.

MURPHY, Justice.

William R. Gifford and Harold Gunn appeal from a summary judgment entered in favor of Old Republic Insurance Company and Reagan Commerce Bank. The suit was for recovery of the balance due on a promissory note.

Appellants, William R. Gifford and Harold Gunn, the defendants below, executed the note and a security agreement for a loan received from Reagan Commerce Bank (Reagan), one of the appellees herein. Reagan assigned the note and security agreement to appellee Old Republic Insurance Co. (Republic). Appellants defaulted on the note, resulting in this suit being instituted.

The…