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UNION NAT. BANK OF CHICAGO v. WEAVER

No. 79-1086.

604 F.2d 543 (1979)

UNION NATIONAL BANK OF CHICAGO, a national banking association, Plaintiff-Appellant, v. Vernon WEAVER, Administrator of the Small Business Administration, and the Small Business Administration, an agency of the United States of America, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided August 29, 1979.

Attorney(s) appearing for the Case

Thomas G. Vent, Chicago, Ill., for plaintiff-appellant.

Thomas P. Sullivan, U.S. Atty., Nancy K. Needles, Asst. U.S. Atty., Chicago, Ill., for defendants-appellees.

Before SWYGERT, PELL and BAUER, Circuit Judges.

BAUER, Circuit Judge.

In this case, the Union National Bank of Chicago seeks to recover $211,726.86 from the Small Business Administration under a loan guaranty agreement. The district court found that the Bank had failed to perform a condition precedent to its right to demand purchase by the SBA of the guaranteed loan, and that the SBA had not waived the condition. For the following reasons, we affirm.

I

At trial, the parties stipulated to the following...

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