THREADMILL, LTD. v. FIRST UNION NATIONAL BANK OF GEORGIA

A92A2293.

207 Ga. App. 688 (1993)

428 S.E.2d 685

THREADMILL, LTD. v. FIRST UNION NATIONAL BANK OF GEORGIA et al.

Court of Appeals of Georgia.

Decided March 9, 1993.


Attorney(s) appearing for the Case

Sumner & Hewes, William E. Sumner, A. Thomas Stubbs, for appellant.

King & Spalding, Joseph B. Haynes, Stephanie E. Parker, R. Christopher Cook, for appellees.


JOHNSON, Judge.

The Downtown Development Authority of Austell, Georgia issued $8,000,000 in bonds to generate loan proceeds to be used for the renovation of an historic mill owned by Threadmill, Ltd. Threadmill guaranteed repayment of the $8,000,000 by executing a loan agreement, a promissory note, and a deed to secure debt in favor of the authority. The promissory note was principally secured by the mill. The authority assigned the promissory note, loan agreement...

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