First State Bank at Gallup v. Clark

OPINION

EASLEY, Justice.

First State Bank of Gallup (First State), Plaintiff-Appellee sued M. S. Horne (Horne), Defendant-Appellant on a promissory note. The trial court granted summary judgment against defendant and we affirm.

Facts

Horne had executed a $100,000 note in favor of R. C. Clark which contained a restriction that the note could not be transferred, pledged or assigned without the written consent of Horne. As part of the transaction between Horne and Clark, Horne gave Clark a separate letter authorizing Clark to pledge the note as collateral for a loan of $50,000 which Clark…