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SMITH v. COMMUNITY NAT. BANK

No. 11-09-00196-CV.

344 S.W.3d 561 (2011)

C. Kyle SMITH, Appellant, v. COMMUNITY NATIONAL BANK, Appellee.

Court of Appeals of Texas, Eastland.

Rehearing Overruled July 14, 2011.

Attorney(s) appearing for the Case

Jared R. Barrett , Bull & Barrett, LLP, Longview, for appellant.

Michael G. Kelly , Rush, Kelly, Morgan, Dennis, Corzine & Hansen, P.C., Odessa, for appellee.

Panel consists of: WRIGHT, C.J., McCALL, J., and HILL, J.

OPINION

TERRY McCALL, Justice.

Trans-Gulf Drilling Services, Inc. and Trans-Gulf Rig #1, LP (collectively Trans-Gulf) executed a note and security agreement dated October 29, 2007, in favor of Community National Bank (CNB). The promissory note was in the original principal amount of $2,336,182 and was secured by a drilling rig, related equipment, and an insurance policy on the rig. C. Kyle Smith, the director of Trans-Gulf, issued a personal guaranty to...

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