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OLD STONE COMPANY I, LLC v. HUGHES

No. S08A0491.

663 S.E.2d 687 (2008)

The OLD STONE COMPANY I, LLC, et al. v. HUGHES.

Supreme Court of Georgia.

Reconsideration Denied July 25, 2008.

Attorney(s) appearing for the Case

Ford & Barnhart, LLP, James L. Ford, Sr., Atlanta, for appellant.

Trenton Brown, III, P.C., Enis Trenton Brown III, Greensboro, Smith, Welch & Brittain, A.J. Welch, Jr., McDonough, Andrew James Gebhardt, Stockbridge, for appellee.

BENHAM, Justice.

In May 2004, K. Payne Hughes and Old Stone Company I, LLC ("Old Stone") formed Morgan Fields, LLC for the purpose of purchasing property in Morgan County. Hughes loaned Morgan Fields approximately $2.1 million dollars to buy the land and they executed a promissory note and deed to secure the debt on June 2, 2004. The debt was scheduled to come due on May 2, 2007. Morgan Fields failed to repay the debt and the loan defaulted on May 3, 2007. Hughes...

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