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MUTUAL LIFE INS. CO. OF NEW YORK v. GRISSETT

Civ. A. No. 79-76-S.

500 F.Supp. 159 (1980)

MUTUAL LIFE INSURANCE COMPANY OF NEW YORK, a New York Corporation, Plaintiff, v. D. Charles GRISSETT et al., Defendants.

United States District Court, M. D. Alabama, S. D.

As Amended October 28, 1980.

Attorney(s) appearing for the Case

Joel W. Ramsey, Ramsey & Baxley, Daniel E. Robison, Dothan, Ala., Receiver for plaintiff.

Joe S. Pittman, Pittman, Whittaker & Hooks, Enterprise, Ala., for defendant The Federal Land Bank of New Orleans.

J. E. Sawyer, Jr., Rowe, Rowe & Sawyer, Enterprise, Ala., for defendants D. Charles Grissett and Cathy L. Grissett.

Barry E. Teague, U. S. Atty., Calvin C. Pryor, Asst. U. S. Atty., Montgomery, Ala., for defendant Administrator of the Small Business Administration.

MEMORANDUM OPINION

FINDINGS OF FACT

HOBBS, District Judge.

On September 30, 1975, defendant D. Charles Grissett borrowed approximately $90,000.00 from defendant Federal Land Bank (hereinafter referred to as "FLB"). In return for this loan, Grissett executed a promissory note and a first mortgage on a tract of land consisting of approximately 258 acres (hereinafter referred to as Tract II). The mortgage on Tract II was properly recorded in the Probate...

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