Joelson v. Tiffin Savings Bank (In Re Everhart)

MEMORANDUM OPINION AND ORDER

RICHARD L. SPEER, Bankruptcy Judge.

This cause came before the Court upon a Complaint for Recovery with evidence and testimony presented, and memoranda in lieu of argument.

FACTS

The Court finds the following facts:

1.) On March 14, 1980, the Debtor executed a promissory note to Tiffin Savings Bank for a loan in the sum of Two Thousand Two Hundred Fifty and no/100 Dollars ($2,250.00).

2.) The security taken on the note was a loan guarantee from the Debtor’s Employer, National Machinery Company (National).

3.) The funds supporting the guarantee were the monies accumulated…