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IN RE INTERCOASTAL DEVELOPMENT, INC.

Bankruptcy No. 79-00806-G3-5, Adv. No. 82-1387-H3.

55 B.R. 642 (1985)

In re INTERCOASTAL DEVELOPMENT, INC., Debtor, INTERCOASTAL DEVELOPMENT, INC., Plaintiff, v. DELTA SAVINGS ASSOCIATION, Defendant.

United States Bankruptcy Court, S.D. Texas, Houston Division.

December 12, 1985.

Attorney(s) appearing for the Case

George Tarpley, Sheinfeld, Maley & Kay, Houston, Tex., for Intercoastal Development, Inc.

Greg Ostendorf, McLain, Cage, Hill & Niehaus, Houston, Tex., for Delta Sav. Ass'n.

MEMORANDUM OPINION

EDWARD J. RYAN, Bankruptcy Judge.

This adversary proceeding concerns a loan renewal executed on July 30, 1976, by Intercoastal Development, Inc. ("Intercoastal"), Coastal Plains Development Corporation ("Coastal Plains"), and Charles Ducroz in the principal amount of $234,816.25 to Delta Savings Association of Alvin, Texas. The corporate obligors on the note were closely related, family-owned entities. Ducroz was secretary to Intercoastal...

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