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FIRST NAT. BANK OF McMINNVILLE, TENN. v. KLEPPE

No. CIV-4-75-1.

409 F.Supp. 110 (1975)

FIRST NATIONAL BANK OF McMINNVILLE, TENNESSEE, Plaintiff, v. Thomas S. KLEPPE, etc., Defendant.

United States District Court, E. D. Tennessee, Winchester Division.

August 22, 1975.

Attorney(s) appearing for the Case

R. E. Bonner, Jr., McMinnville, Tenn., for plaintiff.

Hugh J. Moore, Jr., Asst. U. S. Atty., Chattanooga, Tenn., for defendant.

MEMORANDUM OPINION

NEESE, District Judge.

This is an action under 15 U.S.C. § 634(b)(1) by the First National Bank of McMinnville, Tennessee (bank) to recover from the Small Business Administration (SBA) a portion of a loss the bank sustained on a loan to Excel Manufacturing Company (Excel). Trial was to the Court on August 8, 1975.

The bank and SBA were operating under a blanket agreement, whereunder, inter alia, SBA guaranteed 90% of...

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