Martha S. Poe, Individually and as of the Estate of Ansel Poe, Deceased, and Ansel Poe & Associates, Inc. v. The First National Bank of Dekalb County

This truth-in-lending action fails because the Act specifically exempts from its scope extensions of credit for business or commercial purposes. 15 U.S.C.A. § 1603(1). Although the individual plaintiffs joined in the notes and gave personal security, the purpose of each transaction was to finance a corporation and its business. The district court’s summary judgment for defendant must be affirmed.

On December 5, 1975 the First National Bank of DeKalb County made a 90-day, $8,000 loan to a corporation, Ansel Poe & Associates, Inc., requiring that the corporation's principal stockholder, Ansel…