Morrilton Security Bank v. Kelemen

JOHN E. JENNINGS, Judge.

In 1991, Charlene Engelhoven’s husband, a Morrilton chiropractor, died. On April 27, 1993, she sold his chiropractic practice and office budding to Ronald and Jean Louise Kelemen.' The Kelemens financed the purchase by executing a one-year note for $110,000.00 at 8 percent interest, together with a mortgage, in favor of Morrilton Security Bank, the appellant here. To facilitate the sale Mrs. Engelhoven pledged a $35,000.00 certificate of deposit as additional collateral for the loan. She signed an “Assignment of Deposit” in which she agreed to give the bank a security…