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FEDERAL SAV. AND LOAN INS. CORP. v. SANDOR

Civ. No. 74-1986.

684 F.Supp. 403 (1988)

FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION as receiver of Sunrise Savings and Loan Association, Plaintiff, and Mahogany Run Condominium Association, Inc., and Mahogany Run Community Services Association, Inc., Intervenors, v. Gary M. SANDOR and Maureen T. Sandor, Defendants and Third Party Plaintiffs, v. James S. ARMOUR, Mahogany Run Development Corporation, International Mortgage Services, Ltd., Armour Joint Venture, Criswell Development Company, Lovenlund Resort Associates, and Arthur Pomerantz, Third Party Defendants.

United States District Court, D. Virgin Islands, St. Thomas and St. John Divisions.

April 22, 1988.

Attorney(s) appearing for the Case

Linda Shelby, Pomerantz, Shelby & Hurd, St. Thomas, Virgin Islands, for plaintiff.

Denise Francois, Law Offices of Maria T. Hodge, P.C., St. Thomas, Virgin Islands, for intervenors.

Soraya Diase, Cooper & Diase, St. Thomas, Virgin Islands, for defendants/third party plaintiffs.

Michael C. Dunston, Law Offices of Adriane J. Dudley, St. Thomas, Virgin Islands, for third party defendants James S. Armour, Mahogany Run Development Corp., International Mortg. Services Ltd., and Armour Joint Venture.

Carol Hurst, Dudley, Topper & Feuerzeig, St. Thomas, Virgin Islands, for third party defendants Criswell Development Co. and Lovenlund Resort Associates.

Arthur Pomerantz, Pomerantz, Shelby & Hurd, St. Thomas, Virgin Islands, for third party defendant Pomerantz.

MEMORANDUM AND ORDER

CHRISTIAN, Chief Judge.

The legal imbroglio of the Mahogany Run resort development has spawned yet another nice and intricate point of litigation: Is the Federal Savings and Loan Insurance Corporation ("F.S.L.I.C."), as receiver of a failed savings and loan institution, subject to an alleged oral agreement between a note maker and a third party, whereby the maker's obligation under the note would be assumed by the third party?

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