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Foreman v. Chattooga Int'l Tech. Inc.

A question of fact remained as to the consideration for two promissory notes.

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Chattooga International Technologies, Inc. “CIT” filed suit against Everett Foreman on two promissory notes in the amounts of $45,000 and $135,000 plus interest. The parties filed cross-motions for summary judgment, and Foreman appeals the trial court’s order granting CIT’s motion in part and denying it in part and denying his cross-motion. On appeal from the grant or denial of summary judgment, this Court conducts a de novo review of the law and the evidence. Quality Foods v. Smithberg , 288 Ga. App. 47, 48 653 SE2d 486 2007. “We view the evidence in a light most favorable to the nonmovant in order to determine whether a genuine issue of material fact exists and whether the moving party was entitled to judgment as a matter of law.” Footnote omitted. Id.

Viewed in that light, the evidence shows that for three years, Foreman was an independent contractor and consultant for CIT, participating in business operations related to Luzern, Ltd., a trade name owned by CIT. During the last of those three years, Foreman served as Executive Vice President and General Manager for CIT. Foreman came to believe that Luzern could be a viable, independent corporate entity, and he entered into negotiations to purchase the rights to the trade name, in order to “fully develop Luzern’s potential.” On or about March 7, 2003, Foreman entered into an agreement with CIT to purchase the trade name and certain assets of Luzern. The stated consideration for the Bill of Sale was “. . . the assumption of certain liabilities incurred by Chattooga International Technologies, Inc. through Luzern, Ltd. . . . .” Foreman asserts that this assumption of liabilities was the only consideration exchanged between CIT and him for his acquisition of the Luzern, and that no promissory notes were part of the sale.

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