United Fasteners, Inc. v. First State Bank of Crossett

Darrell Hickman, Justice.

The First State Bank of Crossett had been doing business with United Fasteners, Inc., for some time, and on June 15,1979, a $56,500 promissory note was issued to consolidate prior loans. The note was secured by second mortgages on the residences of the principal parties to the corporation and their wives: Robert and Joyce Carter, Buddy and Lennie Stephens, and Michael and Wanda Jenkins. It was a corporate note executed on the front by all the principals and on the reverse side of the note was three signature lines for the corporation principals and sole shareholders…