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JET CREDIT UNION v. LOUDERMILK

No. 49A04-0608-CV-475.

879 N.E.2d 594 (2008)

JET CREDIT UNION n/k/a Credit Union 1, Appellant/Counter-Defendant, v. John V. LOUDERMILK and Continental American Insurance Company, Appellees/Counter-Plaintiffs, Geneva P. Loudermilk, Associated Property Services, Inc., Emily Corporation, Erin Corporation, Frazier Farms Limited, Geneva Life Insurance Company, Indiana Earthmoving Corporation, Jakester and Associates, Inc., and Harding Development Corporation, Appellees/Intervenors/Counter-Plaintiffs.

Court of Appeals of Indiana.

January 22, 2008.

Attorney(s) appearing for the Case

Christian P. Jones, Mark J. Crandley, Monica R. Brownewell Smith, Barnes & Thornburg LLP, Indianapolis, IN, Attorneys for Appellant.

Gregory F. Hahn, Robert S. Daniels, Jason M. Massaro, Tabbert Hahn Earnest & Weddle, LLP, Indianapolis, IN, Attorneys for Appellees.

OPINION

MAY, Judge.

Jet Credit Union believed John Loudermilk, a director and officer, committed "acts of malfeasance," (Br. of Appellant Jet Credit Union (hereinafter "Jet Br.") at 2), that caused Jet financial losses. Jet would not allow Loudermilk to withdraw the funds he had on deposit with Jet while it was trying to determine the extent of Loudermilk's financial liability to Jet. In a declaratory judgment the trial court determined Jet could not withhold...

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