State Bank of Cochran d/b/a First Laurens Bank “FLB” filed suit against MAL Rentals, LLC and Loretta M. Griffin to collect on a promissory note. In their answers to the complaint, MAL Rentals and Griffin raised several defenses, including estoppel. Griffin also asserted a counterclaim, alleging fraudulent inducement and securities fraud in violation of former Georgia Securities Act of 1973. FLB filed a motion for summary judgment as to its collection claims and the counterclaim. The trial court denied FLB’s motion as to its collection claims, but granted the motion as to the counterclaim. These cross-appeals then ensued. In Case No. A11A1466, Griffin contends that the trial court erred in granting FLB’s motion for summary judgment as to her counterclaim. In Case No. A11A1467, FLB contends that the trial court erred in denying its motion for summary judgment as to its collection claims alleging breach of the promissory note and guaranty and entitlement to attorney fees. For the reasons that follow, we affirm the grant of summary judgment in FLB’s favor as to the counterclaim in Case No. A11A1466; we reverse the denial of summary judgment in FLB’s favor as to its collection claims in Case No. A11A1467. Summary judgment is proper when there is no genuine issue of material fact and the movant is entitled to judgment as a matter of law. OCGA § 9-11-56c. A de novo standard of review applies to an appeal from a grant or denial of summary judgment, and we view the evidence, and all reasonable conclusions and inferences drawn from it, in the light most favorable to the nonmovant. Footnote omitted. Baxter v. Fairfield Financial Svcs., Inc. , 307 Ga. App. 286, 287 704 SE2d 423 2010.
So viewed, the record evidence shows that in 2002, Griffin began serving as a member of the Board of Directors of Community Bank of West Georgia “CBWG” or “the bank” and its holding company, Community Bancshares of West Georgia, Inc. “Community Bancshares” collectively, “the boards”. Griffin regularly attended the board meetings, served as the chairperson of several of the board’s committees, and made it a practice to know about the financial positions of CBWG and Community Bancshares. While serving on the boards in 2003, Griffin made an investment by purchasing common stock in Community Bancshares.
