CIMARRON DEVELOPMENT CORP. v. DAUGHERTY

No. 13-89-333-CV.

779 S.W.2d 952 (1989)

CIMARRON DEVELOPMENT CORPORATION, Appellant, v. Bernie DAUGHERTY, et al., Appellees.

Court of Appeals of Texas, Corpus Christi.

October 31, 1989.


Attorney(s) appearing for the Case

Stephen A. Fox, Houston, for appellant.

Kelly L. Newman, Houston, for appellees.

Before NYE, C.J., and UTTER and KENNEDY, JJ.


OPINION

NYE, Chief Justice.

Appellant, Cimarron Development Corporation, executed a promissory note for $50,000.00 for the benefit of its creditors, appellees Daugherty and Armstrong. The note was partial payment for appellant's repurchase of appellees' shares in appellant corporation. Appellant never made any payments on the note. Appellees sued to recover the principal amount of the note plus interest. Appellant alleged failure of consideration, failure...

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