Pappas v. NCNB National Bank of North Carolina

MEMORANDUM OPINION

ERWIN, District Judge.

This matter is before the court upon defendant’s motion for summary judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure. The court heard argument on October 30, 1986. All motions have been briefed and are now ready for a ruling.

I. Facts

The individual plaintiffs Matthew and Edna Pappas own and operate the corporate plaintiff Tobacco USA, Inc. In 1980 and 1981, the plaintiffs entered into a series of loan transactions with the defendant NCNB National Bank of North Carolina (Bank). In connection with the loans at issue, plaintiffs signed…