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petitioner alleges he agreed to loan to Blackland a maximum
principal amount of up to $2 million at an annual interest rate
of 7.5 percent. Other than general reference in the note
referred to below to a loan from petitioner to Blackland,
petitioner’s purported agreement to extend a multimillion dollar
line of credit to Blackland is not documented in the trial
evidence. No written loan agreement or line of credit agreement
was executed by petitioner.
On April 13, 1992, a document entitled “revolving credit
note” was executed only by the nominal president of Blackland in
favor of petitioner under which Blackland purported to agree to
repay to petitioner funds to be extended to Blackland under the
above purported revolving line of credit (revolving credit note).
No schedule for the payment of principal or interest is set forth
in the revolving credit note, other than simply to indicate that
any outstanding principal would be payable on demand no later
than December 31, 1992, and, as indicated, the note makes general
reference to an obligation of petitioner to make a loan to
B1ackland. Petitioner, however, is not a signatory on the
revolving credit note.
Petitioner controlled and determined the stated terms of
Blackland’s $2 million revolving credit note. As stated above,
the note was executed in 1992 by the nominal president of
Blackland at the direction of petitioner. No negotiations or
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