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WALKER v. FENDRICH INDUSTRIES, INC.

57022.

148 Ga. App. 877 (1979)

253 S.E.2d 260

WALKER v. FENDRICH INDUSTRIES, INC.

Court of Appeals of Georgia.

Decided February 2, 1979.

Attorney(s) appearing for the Case

Troutman, Sanders, Lockerman & Ashmore, Richard A. Newton, Donald J. Ellis, for appellant.

Smith, Polstra & Kirsch, Carl V. Kirsch, for appellee.

McMURRAY, Judge.

On May 29, 1974, Colonial Elastic Company, a corporation, purchased certain textile equipment from Fendrich Industries, Inc. (that is, from Hickory Industries, one of its divisions). D. A. Walker was the president of Colonial and its sole shareholder. Colonial gave its note dated May 29, 1974, in the amount of $51,000 as payment of the balance of the purchase price. It also executed a security agreement on the same date,

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