Kelly v. AMERICAN FEDERAL SAVINGS & LOAN ASSOCIATION

Deen, Presiding Judge.

On August 30, 1983, Investment Funding Corp. of Alabama executed a promissory note, secured by real estate in favor of Interfirst Financial, which provided for payment of $2,800,000 plus interest in monthly installments. Appellant Kelly, the president of Investment Funding, executed a guaranty agreement in favor of Interfirst Financial. On that same date, Interfirst Financial transferred and assigned its rights under the note and guaranty agreement to American Federal Savings & Loan Assn. By December 21, 1983, Investment Funding was in default on the note and on February…