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PERPETUAL BUILDING & LOAN ASS'N v. SERIES DIRECTORS, ETC.

No. 6881.

217 F.2d 1 (1954)

PERPETUAL BUILDING AND LOAN ASSOCIATION, for itself and on behalf of all other shareholders and the directors of Equitable Building and Loan Association who wish to be represented as plaintiffs in this action, Appellants, v. SERIES DIRECTORS OF EQUITABLE BUILDING AND LOAN ASSOCIATION, SERIES NO. 52, August Kohn & Company, C. W. Haynes & Co., Inc., and the Great Southern Insurance Company and Federal National Mortgage Association, Appellees.

United States Court of Appeals, Fourth Circuit.

Decided November 16, 1954.

Attorney(s) appearing for the Case

E. W. Mullins and Charles F. Cooper, Columbia, S. C. (Nelson, Mullins & Grier, Columbia, S. C., on the brief), for appellants.

Edgar L. Morris, Columbia, S. C. (Elizabeth Eldridge, Columbia, S. C., on the brief), for appellees.

Before PARKER, Chief Judge, and SOPER and DOBIE, Circuit Judges.

DOBIE, Circuit Judge.

This case presents a rather complicated picture of varied litigation between numerous parties.

The Federal National Mortgage Association (hereinafter called FNMA) is a wholly owned agency of the United States, organized under an Act of Congress, Title 12 U.S.C.A. § 1716, engaged in the business of purchasing, servicing and selling mortgages which are guaranteed by the Administrator of Veterans Affairs or insured by the Federal Housing...

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