Union Bank v. Pfeffer

HATHAWAY, Judge.

Appellee’s late husband, Newton S. Pfeffer, borrowed $75,000 from the appellant, Union Bank, giving a promissory note. The appellant sued for the balance remaining unpaid on the note, but the lawsuit was dismissed upon the defendant-appellee’s motion for summary judgment, hence this appeal.

The borrowed money was used exclusively in the business of N. Pfeffer, Inc., an Arizona corporation engaged in the jewelry business. Upon Newton Pfeifer’s death, Union Bank presented the note to his widow, the administratrix of his estate, for payment. She allowed the claim as a separate…