NATIONSBANK OF N.C. v. AMERICAN DOUBLOON CORP.

No. COA96-438.

481 S.E.2d 387 (1997)

NATIONSBANK OF NORTH CAROLINA, N.A., Plaintiff, v. AMERICAN DOUBLOON CORPORATION, Walter Abrams, Donald H. Parsons, Roger D. Good, and Resources Planning Corporation, Defendants.

Court of Appeals of North Carolina.

March 4, 1997.


Attorney(s) appearing for the Case

Blanchfield Cordle & Moore, P.A. by Robert B. Cordle and Mary K. Mandeville, Charlotte, for plaintiff appellee NationsBank.

Wilson & Iseman, L.L.P. by G. Gray Wilson, Winston-Salem, for defendant appellants Resources Planning Corporation and Donald H. Parsons.


COZORT, Judge.

Defendants Resources Planning Corporation ("RPC") and Donald H. Parsons ("Parsons") were guarantors on a series of loans made by plaintiff NationsBank of North Carolina, N.A. ("NationsBank"), to defendant American Doubloon Corporation ("ADC"). In consideration of these loans, on 27 July 1988, ADC entered into a security agreement with plaintiff which granted plaintiff a security interest in all of ADC's equipment...

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