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AMERICAN BANK & TRUST CO. v. FREEMAN

No. 7953.

560 S.W.2d 444 (1977)

AMERICAN BANK & TRUST COMPANY, Appellant, v. Bruce B. FREEMAN et al., Appellees.

Court of Civil Appeals of Texas, Beaumont.

Rehearing Denied December 29, 1977.

Attorney(s) appearing for the Case

A. J. Watkins, Houston, for appellant.

Dale Friend, Houston, Gerald J. Creighton, J. Ritchie Field, Conroe, for appellees.

DIES, Chief Justice.

Plaintiff below, Bruce B. Freeman, was indebted to a Conroe bank for $125,000 and sought a means to pay off the note. R. D. Philpot, Chairman of the Board of American Bank & Trust Company of Shreveport, Louisiana, suggested plaintiff apply for a loan at American. At subsequent conversations, Philpot agreed to sell plaintiff 12,500 shares of his stock in American Bank and see that he was elected to its Board.

On September 20, 1971,...

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