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business.) The $50,000 balance was secured by the business'
assets.
In June 1990, PFA purchased Ruidoso Printing Co. and executed
a $95,050 note to First National Bank of Ruidoso (which was
cosigned by Mr. Muhn and Scott Muhn and renewed in August 1991) for
the acquisition. The note was secured by the business' assets.
PFA executed a lease, cosigned by Mr. Muhn and Scott Muhn, of the
business premises in which Ruidoso Printing Co. operated. In July
1990 and May 1991, Mr. Muhn and/or Scott Muhn executed leases for
a desktop publishing system and photocopier for the operation of
the printing businesses.
During all relevant times, Scott Muhn managed the printing
businesses. Petitioner was never employed by PFA. Nor did she
ever have signing authority with respect to its checking accounts.
Personal Financial Affairs
Petitioner and Mr. Muhn maintained two joint bank accounts
with First Federal Savings Bank. With respect to one account
(account No. 20014362 at the First Federal Savings Bank of New
Mexico), preauthorized withdrawals were made in 1991 totaling
$12,246 for the mortgage on the residential home, $2,990 for
petitioner's personal loan on a 1984 Ford truck, and $1,403 for
petitioner's personal loan on a fifth wheel travel trailer. With
respect to the second account (account No. 20020412 at the First
Federal Savings Bank of New Mexico), 355 checks totaling $30,596
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