Opinion ID: 484885
Heading Depth: 2
Heading Rank: 1

Heading: Central Fidelity Bank

Text: 3 On November 1, 1985, Bales, as president of Preferred Research, Inc., arranged to buy two cars for the corporation from Alex Arnold (doing business as Arnold Financial Services). According to the bills of sale, these cars were a 1981 Volkswagen Rabbit and a 1983-84 Audi. Total cost of the cars was $16,500; $14,500 was allegedly paid when the sale contract was signed. 4 On November 17, 1985, Bales visited Betty Stratton, an official at Central Fidelity. He sought a $12,500 loan to finance the purchase of the cars. Bales put up the cars as collateral for the loan. He supplied Central Fidelity with bills of sale, including the Vehicle Identification Number (VIN) of each car. He also gave the bank a personal financial statement showing 5-6-40 as his birthdate and lng-rg-wfsoas his social security number. Bales never gave the bank title to the cars as collateral. More importantly, he never repaid the loan which he received from Central Fidelity.