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AMERICAN BUS. CREDIT v. FIRST ST. BK

No. 79-160.

385 So.2d 1080 (1980)

AMERICAN BUSINESS CREDIT CORPORATION, INC., a Florida Corporation, Appellant, v. The FIRST STATE BANK OF LANTANA, a Florida Banking Corporation, Appellee.

District Court of Appeal of Florida, Fourth District.

June 18, 1980.

Attorney(s) appearing for the Case

Edna L. Caruso, West Palm Beach, and Lewis, Vegosen, Koeppell & Rosenbach, P.A., Palm Beach, for appellant.

Theodore A. Jewell of Alley, Maass, Rogers, Lindsay & Chauncey, Palm Beach, for appellee.

LETTS, Chief Judge.

At issue is a trial judge's holding that the president of the appellant Corporation had authority to pledge his Corporation's assets as security for a personal loan from a Lender Bank. We reverse.

The directed verdict was predicated on a resolution set forth in the minutes of the organizational meeting of the Corporation,1 as follows:

Resolved, that the President...

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