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R.I.D.C. INDUS. DEVELOPMENT FUND v. SNYDER

No. 75-1570.

539 F.2d 487 (1976)

R.I.D.C. INDUSTRIAL DEVELOPMENT FUND, Plaintiff-Appellant, v. P. L. SNYDER, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied November 8, 1976.

Attorney(s) appearing for the Case

Frank D. Newman, De Land, Fla., Robert L. Potter, Pittsburgh, Pa., for plaintiff-appellant.

Robert E. Austin, Jr., Leesburg, Fla., for defendant-appellee.

Before WISDOM and MORGAN, Circuit Judges, and LYNNE, District Judge.

MORGAN, Circuit Judge.

In 1964 and 1966, defendant P. L. Snyder guaranteed two promissory notes executed by Sunnyhill Research and Manufacturing Company (Sunnyhill)1 to plaintiff R.I.D.C. Industrial Development Fund (R.I.D.C.). Finding itself unable to pay its debts when they came due, Sunnyhill entered into an arrangement proceeding under Chapter XI of the Bankruptcy Act, 11 U.S.C. §§ 701-799. R.I.D.C., having received less...

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