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eBook details

• Title: Edith H. Woolsey v. Bank Versailles
• Author : Western District Court of Appeals of Missouri
• Release Date : January 29, 1997
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 63 KB

Description

On December 12, 1989, Edith and Carl Woolsey, wife and husband, their son, James Woolsey, and their granddaughter, Carla Saunders, and her husband, Thomas Saunders (collectively the Borrowers) borrowed $20,000 from the Bank of Versailles (the Bank). All Borrowers were present and signed the $20,000 variable rate note. In addition, all five persons executed a deed of trust conveying eighty acres of land in Morgan County to Kenneth O. McCutcheon as Trustee as security for payment of the note. The Bank was named the beneficiary in the deed of trust. David Baumgartner, chief executive officer and cashier for the Bank, represented the Bank in the transaction. The loan proceeds were for the benefit of James Woolsey and Thomas Saunders, who owned a business known as J.T. Construction Company. Carla Saunders was responsible for the day to day affairs of the business, including contract management, receipt collection, and paying the bills. J.T. Construction was operated out of the Saunders' home at 12817 East 47th Street # 28 Locust, in Independence, Missouri. At the loan closing, the parties agreed that all correspondence, including the payment booklet, would be sent to the Borrowers at the 47th Street address, that Carla would act as the liaison between the Bank and the Borrowers, and that she would be responsible for making the monthly loan payments.

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