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W. T. JONES AND COMPANY v. FOODCO REALTY, INC.

No. 8824.

318 F.2d 881 (1963)

W. T. JONES AND COMPANY, Incorporated, and Noland Company, Inc., and Marvin Moseley, Appellants, v. FOODCO REALTY, INC., et al., and United States of America, Appellees.

United States Court of Appeals Fourth Circuit.

Decided May 21, 1963.

Attorney(s) appearing for the Case

Arthur B. Davies, III, Lynchburg, Va. (Hickson & Davies and Joseph L. Lyle, Jr., Lynchburg, Va., on brief), for appellants.

Lawrence C. Musgrove, Asst. U. S. Atty. (Robert Kaplan, Preston L. Campbell and William E. Nelson, Attys., Dept. of Justice, on brief), for appellee United States.

Before SOBELOFF, Chief Judge, and BOREMAN and J. SPENCER BELL, Circuit Judges.

SOBELOFF, Chief Judge.

When the Small Business Administration has joined a private bank in making a construction loan secured by a recorded deed of trust and the borrower becomes insolvent, is the SBA's interest in the unpaid balance of the loan subordinate to mechanic's liens accorded priority over deeds of trust by state law? Under the circumstances of this case we think that the mechanic's liens are not entitled to priority...

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