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AVOCET DEVELOPMENT CORP. v. McLEAN BANK

Record No. 840977.

364 S.E.2d 757 (1988)

AVOCET DEVELOPMENT CORPORATION and Andrew J. Serafin v. The McLEAN BANK.

Supreme Court of Virginia.

January 15, 1988.

Attorney(s) appearing for the Case

Michael A. Mays, for appellants.

Douglas D. Walker (Henry C. Mackall; Mackall, Mackall, Walker & Silver, Fairfax, on brief), for appellee.

Present: All the Justices.

WHITING, Justice.

In 1977, Andrew J. Serafin, president and sole stockholder of Avocet Development Corporation (Avocet), and a practicing attorney in Washington, D.C., first borrowed money for Avocet from The McLean Bank (the bank). Because the bank considered Avocet a "corporate shell" with limited assets, the bank and Serafin agreed that Serafin and his wife would personally endorse all of Avocet's notes, and Serafin...

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