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HAMADA v. VALLEY NATIONAL BANK

No. 1 CA-CIV 3145.

27 Ariz. App. 433 (1976)

555 P.2d 1121

Hajime HAMADA and Toshiko Hamada, his wife, Appellants, v. The VALLEY NATIONAL BANK of Arizona, a National Banking Association, Appellee.

Court of Appeals of Arizona, Division 1.

September 23, 1976.

Attorney(s) appearing for the Case

Jennings, Strouss & Salmon by Thomas J. Trimble and Steven C. Lester, Phoenix, for appellants.

Gust, Rosenfeld, Divelbess & Henderson by Richard A. Segal and John M. McVey, Phoenix, for appellee.

OPINION

HOWARD, Chief Judge.

This is an appeal from a summary judgment awarding appellee $50,000.

The facts show that two individuals, Mr. Peterson and Mr. Steven Carr, formed a Utah corporation called Planformation, Inc. On October 5, 1970, Norman E. Smith, a commercial loan officer at the Valley National Bank approved a $5,000 loan to Planformation secured by some corporate accounts receivable. Mr. and Mrs. Peterson pledged to the bank 253,000 shares...

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