Cantrell v. First Tennessee National Bank Ass'n

Beasley, Judge.

Appellee sued Ramsey as obligor and appellant Cantrell as guarantor to collect the unpaid balance on a promissory note. Cantrell appeals the grant of summary judgment to the bank and the denial of his cross-motion for summary judgment. Both rulings are erroneous.

The following is undisputed. On March 19, 1981, the bank loaned Ramsey $99,500 for which he executed a “single payment-interest bearing” promissory note, payable 360 days thereafter, and secured by 3,333 shares of stock in Farmbank Company. On the same date, appellant executed and delivered a letter to the bank which…