Texas State Bank of Austin v. Sharp

O’QUINN, Justice.

Texas State Bank, the appellant, was substituted in district court as plaintiff in a suit brought originally by KDI Pace International, Inc., against Joe Sharp, the appel-lee, on a promissory note in the principal sum of $12,000, and for interest and attorney’s fees. The Bank acquired the note through a trustee’s sale of real and personal assets of KDI Pace International.

In April of 1969 Joe Sharp entered into negotiations with W. G. Tingley, Jr., to acquire Centex Paceco Distributors, Inc., a distributor of paints in Travis County. The following month, on May 9, Sharp and…