United Bank of Denver v. Reed

VAN CISE, Judge.

Defendants, Harold G. and Jean K. Reed, appeal a judgment entered against them and in favor of plaintiff, United Bank of Denver (the bank), for the balance of principal and interest due on a promissory note plus costs and attorney fees. We reverse.

Harold Reed and Paul E. Parsons were general partners in a landscaping business known as P & R Industries. In March 1974, the partnership borrowed $7,000 from the bank, evidenced by a note signed by Reed and Parsons as partners and as co-makers. As described in the contemporaneously executed security agreement, the note was secured…