Merchants National Bank & Trust Co. of Indianapolis v. H.L.C. Enterprises, Inc.

RATLIFF, Presiding Judge.

STATEMENT OF CASE

Merchants National Bank & Trust Company of Indianapolis appeals the trial court’s judgment in its action on three promissory notes, a security agreement, and foreclosure of a mortgage against H.L.C. Enterprises, Inc., d/b/a Trader Vic’s, Herbert L. Combs, and Barbara A. Combs. We reverse and remand.

FACTS

In September 1976 Merchants provided a $54,000 capital loan and a $200,000 line of credit to H.L.C. secured by assets of the corporation and the personal continuing guaranty of the sole officers and stockholders of the corporation, Herbert and Barbara…