- 5 - 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 orPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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