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Georgia issued, a name reservation certificate for "Rosewood
Kennels, Inc." It was valid for 2 months.
On February 28, 1990, Bischoff filed articles of
incorporation for Rosewood Kennels, Inc., with the secretary of
state of Georgia. In April 1990, Bischoff billed petitioners
$100 for filing the articles of incorporation. Petitioners paid
that bill with a check drawn on their personal checking account.
F. Events After Petitioners Filed the SBA Loan Application
1. Interim Construction Loan
United Bank provided interim construction financing for the
police dog training business. Petitioners each signed a
promissory note on March 2, 1990, for an interim loan to build
buildings and roads for the police dog training business. That
loan provided financing until the loan guaranteed by the SBA
closed. Petitioners used that construction loan and a loan from
Home South Mortgage to buy assets for the business.
2. Premium Finance Agreement
On May 1, 1990, Mr. Moye signed a "Premium Finance
Agreement", which is a Federal truth-in-lending agreement.
Snellings Walters Insurance Agency prepared the document. The
document states the total amount of premiums and payments, the
downpayment, the amount financed, the finance charge, the annual
percentage rate, and the payment schedule. The document listed
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Last modified: May 25, 2011