Abstract
Crystal Pure Water Inc. (CPW), owned by members of the Gilliss family, bottled spring and distilled water. When CPW and the Gillisses encountered financial difficulty, a bank sued to foreclose a mortgage. A sheriff's sale was held in July 1987. The Gillisses then contacted the Lake Region Credit Union and worked out a refinancing deal. The credit union took real estate mortgages against the tracts of land and received a security interest in all of the corporation's personal property, including a state water permit. The Gillisses each personally guaranteed the corporate debt. Subsequently, CPW defaulted on the loan. The credit union brought this action to foreclose its mortgages and security interests and won in the trial court. Franzella Gilliss appealed.
Published Version
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