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IN RE SOUTHERN INDUS. BANKING CORP.

No. 85-6130.

809 F.2d 329 (1987)

In re SOUTHERN INDUSTRIAL BANKING CORPORATION, Debtor. Thomas DuVOISIN, Liquidating Trustee, and Bank of Commerce, Intervening Plaintiff-Appellee, v. Emmett J. FOSTER, Defendant-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided January 22, 1987.

Attorney(s) appearing for the Case

Lewis S. Howard, Jr., argued, Howard and Ridge, Knoxville, Tenn., for defendant-appellant.

John A. Lucas, argued, Knoxville, Tenn., Jeffrey S. Norwood, for intervening plaintiff-appellee.

Before WELLFORD and GUY, Circuit Judges; and PECK, Senior Circuit Judge.

JOHN W. PECK, Senior Circuit Judge.

On March 22, 1982 defendant-appellant Emmett J. Foster paid $400,000 to Southern Industrial Banking Corporation (SIBC) for four investment Certificate Securities (Certificates). These Certificates were scheduled to mature on March 22, 1983, with accrued interest of $66,000. On February 4, 1983 Foster took out a $470,000 loan from SIBC, executing a promissory note (Note) to SIBC for $480,956.02 (principal plus interest and service...

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