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OPINION

Acapulco attracted the attention of appellee Dennis R. Ranzau (“Ranzau”) and appellant William D. Brosseau (“Brosseau”). Of particular interest to them was a house (“Casa T”) being offered for sale by John Ballis (“Ballis”). Brosseau and Ranzau met with Ballis and found that the house was the sole asset of a Canadian Corporation, 80451 Holdings, Ltd. (“80451″), of which Ballis was the sole shareholder. *fn1

Ranzau and Brosseau each agreed to pay Ballis $60,000 down and co-sign a promissory note for $800,000. Ballis was in a hurry for money, so with Ranzau’s permission the funding of the transaction went through one of Brosseau’s companies, Argos Properties, Inc. (“Argos”). The ownership of 80451 was placed in Argos. The reason for the Ballis rush became obvious when First State Bank of Liberty (“First State”) later informed the parties that it had a security interest in 80451 and would like to be paid on the debt Ballis owed First State. The parties negotiated a deal that resulted in the $800,000 promissory note becoming pledged to First State.

 
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