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S & A Indus. Inc. v. Bank Atlanta

A jury issue remained as to whether the defendant's president had authority to withdraw funds on the corporation's line-of-credit for his personal use.

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S & A Industries, Inc. filed suit against Bank Atlanta1 in connection with the bank’s attempts to collect on a line of credit opened by S & A. Both parties moved for summary judgment. The trial court denied S & A’s motion and granted in part and denied in part the bank’s motion. We now consider the parties’ cross-appeals in response to that order.

S & A is a Georgia corporation engaged in hotel renovations. Daoud Shakkour is the president of the company and the third–party defendant in this action. In early 1996, Shakkour agreed to loan $20,000 to David Wade, a business acquaintance, to enable him to meet the payroll at his company, Wade Electric Supply, Inc. Wade was the president and sole shareholder of Wade Electric. Shakkour gave Wade a check without requiring any written loan agreement, without requiring interest, and without obtaining any information regarding Wade Electric’s financial situation.

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