Bank of Spalding County v. Pound

Andrews, Judge.

The Bank of Spalding County (Bank) appeals from the trial court’s ruling that a set-off by the Bank against a checking account of Whitworth and Wright, Inc. was improper.

Viewed in favor of the trial court’s factual findings, the evidence showed that Pound had established an insurance agency about 20 years ago. In July 1988, this agency was sold to Whitworth and Wright by transferring the assets of Pound, Ltd. to a new corporation, Whitworth & Wright, Inc. (W & W). Pound took a small downpayment and two notes signed on July 1,1988. The notes were secured by the “furniture,…