D. R. Brooks and Irene Brooks v. Peoples

FAULKNER, JUSTICE. On May 18, 1976, D.R. and Irene Brooks executed a promissory note for $50,000.00 to Peoples National Bank of Huntsville. The Brookses gave the Bank a mortgage on a tract of land as collateral for the note. The note was due eighteen months later. The Brookses, in turn, loaned the money to their son's corporation, D&B, Inc. D&B, Inc. became insolvent.