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PEOPLES' SAV. & LOAN v. FIRST FEDERAL SAV. & LOAN

Civ. A. No. 87-2128.

677 F.Supp. 1104 (1988)

PEOPLES' SAVINGS AND LOAN ASSOCIATION, Plaintiff, v. FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION, Defendant.

United States District Court, D. Kansas.

January 11, 1988.

Attorney(s) appearing for the Case

Gary L. Ayers, Foulston, Siefkin, Powers and Eberhardt, Wichita, Kan., for plaintiff.

R. Kent Sullivan, Morrison, Hecker, Curtis, Kuder and Parrish, Overland Park, Kan., Nancy L. Shelledy, Morrison, Hecker, Curtis, Kuder and Parrish, Kansas City, Mo., for defendant.

MEMORANDUM AND ORDER

EARL E. O'CONNOR, Chief Judge.

This action arose from a loan participation agreement between plaintiff Peoples' Savings and Loan Association and defendant First Federal Savings and Loan Association. In May 1983, defendant sold plaintiff a 90% participation interest in a $454,000 mortgage loan extended to Gene D. Villareal and secured by a first mortgage on residential property in Houston, Texas. Mr. Villareal defaulted on the loan and...

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