Davis v. Guaranty Bank & Trust Co.

GRIFFIS, P.J.,

for the Court:

¶ 1. This is an action for the collection of a debt and the enforcement of a security interest through a court-ordered equitable lien. The Bolivar County Chancery Court entered a monetary judgment in favor of Guaranty Bank and Trust Company (“Bank”); held the debtor, James Davis, in contempt; and granted the Bank an equitable interest in the previously secured property. We find that this case should be reversed and remanded for further proceedings consistent with this opinion.

FACTS

¶ 2. On October 29, 2008, Davis procured a loan from the Bank in the amount of $5,010…