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FIRST FED. S & L ASS'N OF GADSDEN CTY. v. PETERSON

Nos. TCA 79-0940, PCA 80-0405 and PCA 80-0406.

516 F.Supp. 732 (1981)

FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF GADSDEN COUNTY, a corporation organized under the laws of the United States of America, Plaintiff, v. H. B. PETERSON and Ruth E. Peterson, Defendants. MUTUAL FEDERAL SAVINGS AND LOAN ASSOCIATION OF PENSACOLA, Plaintiff, v. William M. ANGELO and Debi P. Angelo, Husband and Wife, Tracy V. Herring and Brenda G. Herring, Husband and Wife, Defendants. MUTUAL FEDERAL SAVINGS AND LOAN ASSOCIATION OF PENSACOLA, Plaintiff, v. PENSACOLA TRACTOR & EQUIPMENT CO., INC.; James E. Fausz and Ann S. Fausz, Husband and Wife; Antony E. Fiorentino and Claude R. Fiorentino, Husband and Wife; and Harry H. Schwartz and Pamela B. Schwartz, Husband and Wife, Defendants.

United States District Court, N. D. Florida.

June 22, 1981.

Attorney(s) appearing for the Case

Charles R. Gardner, Tallahassee, Fla., for First Federal Savings and Loan Association of Gadsden Co.

W. Spencer Mitchem, G. Edison Holland, Jr., Pensacola, Fla., for Mutual Federal Savings and Loan Association of Pensacola.

Lawrence M. Watson, Jr., Orlando, Fla., Joseph R. Boyd, Tallahassee, Fla., for Peterson.

Robert L. Stone, William H. F. Wiltshire, John P. Kuder, Pensacola, Fla., for Angelo and Herring.

Charles Sherrill, Pensacola, Fla., for Pensacola Tractor & Equipment Co., Inc.

Antony E. Fiorentino, Pensacola, Fla., for Fausz, Fiorentino and Schwartz.

Harvey Simon, Washington, D. C., amicus curiae, Federal Home Loan Bank Board.

PARTIAL SUMMARY JUDGMENT

HIGBY, District Judge.

The Plaintiffs in these consolidated cases seek a judgment declaring the due-on-sale clauses in their mortgages legal and enforceable and that federal regulation of the subject preempts all impeding state law.1 Needless to say the Defendants disagree. Due-on-sale is the popular term for mortgage acceleration clauses which give a lender...

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