Barclay v. First Nat. Bank of Polk County

Benham, Chief Justice.

In September 1992, Peggy Ruth Barclay co-signed a note with one of her daughters to First National Bank of Polk County (hereinafter “First National”). She had previously submitted to the bank as part of the loan application process a financial statement showing a net worth well in excess of the amount of the loan. In October 1992, she transferred all her property to her husband and another daughter without consideration. When the note subsequently went into default, First National sued Barclay and obtained a default judgment. First National then filed an action against…