Fearless Farris Wholesale, Inc. v. Howell

WALTERS, Chief Judge.

Pursuant to two loan agreements, Fearless Farris loaned the Howells $61,000 to finance construction of a retail gasoline out let and an additional $8,400 to apply to the principal due on the land purchase contract which encumbered the construction site. However, the Howells did not execute a promissory note, for repayment of the first loan, as required by the first loan agreement. The Howells also failed to execute a deed, conveying title to the construction site, and an assignment of the land purchase contract, under which they had purchased the site, in favor of…