Carter v. Foster

PARKER, Judge.

This civil action arose out of plaintiff’s agreement to capitalize defendants’ business venture, which ultimately failed. Plaintiff and defendants Mark Foster and Impressive Papers, Inc., signed a memorandum of understanding in which plaintiff agreed to make loans to the venture totaling $150,000.00.

For her loan of $100,000.00, plaintiff received a promissory note (“Note 1”) date8d 7 January 1987, with interest at ten percent and convertible within a year at her option into shares in defendant Impressive Papers, Inc. Note 1 was executed on behalf of Impressive Papers, Inc., by…