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GUARDIAN STATE BANK v. STANGL

No. 20158.

778 P.2d 1 (1989)

GUARDIAN STATE BANK, a Utah corporation, Plaintiff and Appellant, v. F.C. STANGL III, Defendant and Appellee.

Supreme Court of Utah.

July 13, 1989.

Attorney(s) appearing for the Case

Stephen B. Mitchell, Salt Lake City, for plaintiff and appellant.

Harold G. Christensen, George A. Hunt, Salt Lake City, for defendant and appellee.

STEWART, Justice:

Guardian State Bank ("Guardian") appeals a judgment against it on defendant Stangl's counterclaim.

Stangl was a fifty-percent shareholder in, and an officer and director of, Sargetis Fine Cars, Inc., a car dealership in Price, Utah, which Stangl co-owned with John Sargetis. In August, 1979, the dealership obtained a loan of $150,000 from Empire State Bank, the predecessor of Guardian. The dealership executed a promissory note (the "Sargetis...

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