Ponderosa Granite Co. v. First National Bank

Banke, Presiding Judge.

Prior to February 1980, appellant Jane Tate Scarborough and her brother, William Brewer Tate, were the sole stockholders and officers of appellant Ponderosa Granite Company, Inc. (Ponderosa). In February of 1980, appellant Joe H. Scarborough purchased all of William B. Tate’s stock in Ponderosa, became its president, and agreed to assume any indebtedness owed by Ponderosa to the appellee, First National Bank in Elberton, which had been personally guaranteed by Tate. The bank subsequently sued appellants on several notes and trade acceptances as well as to recover an…