Hardy v. McMullan

ADAMS, Justice.

This is an appeal from a summary judgment in favor of Paul McMullan in the amount of $226,224.63 against defendants Jay Amin and Robert Pager and against defendant Phillip Hardy for $95,000. The following facts are necessary for a determination of this case.

In 1984, Toll Telephones, Inc. (“TTI”), was incorporated by Phillip Hardy, Joe Ernest, and Ken Jordan.1 Later that same year, Robert Pager and Paul McMullan became shareholders and TTI began to borrow money to finance its operation. In February 1985, TTI borrowed $70,000 from AmSouth. Another $25,000 loan was made by AmSouth…