Brand new proceeds from which loan have been deposited in a lender checking membership under Nix’s identity “d/b/a great NaBaF

Just like the internal composition of your recommended company are shifting, Nix borrowed $30,100000 regarding First National Financial regarding Habersham State with the aim out of depositing earnest currency into marketing with Reeves Equipment

Dr. Gerald Nix lead a fit looking to recover in terms and conditions of an enthusiastic indemnity agreement up against Wayne and Patricia Foster. The newest defendants responded this new allege, creating some defenses and you will subsequently by modification extra almost every other protections. Inside the pretrial meantime, each party presented thorough development and other motions have been registered and you may ruled on.

The actual situation is actually attempted just before a jury hence returned a decision into plaintiff regarding dominant number looked for, $48,, and attorneys fees. Judgment is actually properly joined thereon together with defendants, whoever movements having led decision made within intimate off plaintiff’s proof and also at brand new intimate of the many evidence got refuted, interest so it courtroom.

Upon discovering you to definitely Reeves Tools and Chairs during the Clarkesville, Georgia, try providing their bicycle and you can marine business on the market, Nix and you can Eugene Boyd made a decision to purchase the supplier. Boyd necessary so you’re able to Nix one to Wayne Foster be lead on business.

New terms of brand new arrangement had been that within the believe from Nix getting in order to Very first Federal an individual guarantee of your own $150,100 financing created by the bank so you’re able to NaBaF, Inc

To help you do the purposes of the company, a business was to become molded which may be themed acronymically NaBaF, Inc., a mixture of the original initials of your own brands Nix, Boyd and you will Promote. In the beginning, Nix was to keep a bare most of the stock that have Boyd the newest fraction shareholder, then again Boyd and https://www.servicecashadvance.com/title-loans-va/portsmouth/ you can Foster was to split the fresh minority shares similarly. Subsequently, down seriously to his personal employer’s *721 ultimatum, Boyd withdrew totally. Thus, it was finally recommended one to Nix, the brand new provider of your needed funds, would have 51% of one’s inventory and you may Foster, the brand new seller out of direct date-to-date handling of the company, carry out found forty-two% of shares.

Then to the Oct eight, 1974, Nix performed because “Dr. Age. Gerald Nix d/b/a great NaBaF” good promissory mention to own $150,one hundred thousand that have Very first National. New maturity time of one’s mention is Oct seven, 1975. ” Then, which account turned the organization savings account. Foster is actually subscribed to and you will performed produce monitors towards account. Inside day out-of Oct 1974 just before NaBaF, Inc., try formally included, Nix had written a look for $30, and therefore paid back their loan from $29,100000 from the financial and you may Promote blogged a couple checks of $64, (Oct fourteen, 1974) and you may $42, (Oct 19, 1974) to Reeves Knowledge to own index and gadgets. Such money were made pursuant in order to a profits contract registered on ranging from Nix and Reeves Hardware for the October ten, 1974. The details of one’s arrangement have been a lot more completely spelled in a following “agreement for sale off people” between Reeves Knowledge and you may NaBaF, Inc., dated October 29, 1974, and you may referenced on the October ten agreement.

The latest record reveals NaBaF, Inc., is integrated beneath the legislation of Georgia of the Hall Superior Judge towards the October 30, 1974, and Assistant out of Nation’s certificate attesting to help you such truth given to the November step 1, 1974.

To your Oct 29, 1974, Foster, his wife and you can Nix entered to the an enthusiastic indemnification agreement which recited: your Fosters notice one to NaBaF, Inc., obtain a loan out of First National in the quantity of $150,one hundred thousand although financial enjoys refused to generate like financing versus the personal guaranty out of Nix; that Fosters features questioned Nix to ensure the mortgage, but he’s reluctant to do it unless the brand new Encourages perform the new arrangement. , new Fosters covenanted: “(a) To save and you will keep simple [Nix] from every accountability and you may/otherwise states and you may/otherwise problems and you will/or expenses (in addition to attorneys’ *722 and you will the recommendations charge) and/otherwise losings you to [Nix] may sustain, otherwise getting liable otherwise answerable having, or shall spend, up on, or perhaps in outcome of, instance financing guaranty, or any revival or expansion thereof; (b) That discounts, or other right facts, indicating percentage of the [Nix] of every like responsibility and you will/or allege and you will/otherwise problems and you can/otherwise expenses (together with attorneys’ and you may the advice fees) are going to be conclusive facts contrary to the [Fosters] of the facts and you can quantity of the latest responsibility of your own [Fosters] to [Nix].”