Resource Bank v. Padon

By Judge Jerome B. Friedman

This matter was argued by counsel on the merits before this court and evidence presented on September 28, 1993. At issue is the obligation of the Defendant on a note in his name with the Plaintiff for $100,000.00. Counsel for both parties have submitted authorities for their respective positions and agreed for this court to issue a letter opinion.

A brief recitation of the facts is necessary. On September 19, 1989, Resource Bank, Plaintiff, issued a loan in the amount of $400,000.00 to Consolidated Imaging Corporation. William C. Padon, III, Defendant, was an officer…