Allen v. Murphy

WAYMOND M. BROWN, Judge.

I,This appeal involves questions of set offs of two judgments against one another. The Lee County Circuit Court held that the two judgments extinguished one another. This appeal challenges that ruling. We affirm.

In 2001 and 2002, appellee Richard Murphy guaranteed two promissory notes executed by Arkansas Powder Coating, LLC, a company Murphy formed, in favor of First National Bank of Marianna (the bank) in the aggregate sum of $350,000. By July 2003, both notes were in default. The bank filed suit to collect on the notes. Murphy filed a third-party complaint against…