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UNITED SPACES, INC. v. FEDERAL HOME LOAN BANK OF LITTLE ROCK

No. 74-4185.

535 F.2d 332 (1976)

UNITED SPACES, INC., and B. L. Nelson, Plaintiffs-Appellants, v. FEDERAL HOME LOAN BANK OF LITTLE ROCK et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied September 20, 1976.

Attorney(s) appearing for the Case

Frank P. Hernandez, Dallas, Tex., for plaintiffs-appellants.

Harry E. McDermott, Jr., Little Rock, Ark., J. Edwin Fleming, Dallas, Tex., for Federal Home Loan Bk., Etc.

Jim E. Cowles, Dallas, Tex., Loren Q. Hanson, Ft. Worth, Tex., for Hagood & Daniels, Inc., and others.

Paul E. McGraw, Deputy Gen. Counsel, Federal Home Loan Bk. Bd., Harold B. Shore, Daniel J. Goldberg, Washington, D. C., for Wm. Capshaw.

John B. Holstead, Alan Schulman, Houston, Tex., for 1st Savings of Bowie, Tex., and others.

Roland Marcotte, Jr., FHLBB. Washington, D. C., for defendants-appellees.

Before BROWN, Chief Judge, GODBOLD and RONEY, Circuit Judges.

PER CURIAM:

Plaintiffs are a corporation and its president. They mortgaged real estate to a savings and loan association for a loan of $275,000. The mortgage included a provision that if the loan was criticized by any state or federal examining authority, payment in full would be due in 30 days. Subsequently the loan was criticized by the Federal Home Loan Bank Board as inadequately secured. The money became due, plaintiffs defaulted, and the lender foreclosed.

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