First Acadiana Bank v. Aachen Construction, Inc.

DOUCET, Judge.

Aachen Construction, Inc. (Aachen) borrowed $335,500.00 from First Acadiana Bank (Bank) and in connection with the loan executed a promissory note. This promissory note was signed by several individuals, including defendant, Paul Tate, Jr. In order to secure the Bank loan, Aachen mortgaged its equipment and accounts receivable as collateral.

Subsequent to the date of this transaction, Aachen was unable to meet its obligations to the bank and fell in arrears on the debt. The Bank instituted executory proceedings against Aachen and requested that the property mortgaged by Aachen be…