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U.S. v. KEETON

No. 87-4276.

847 F.2d 274 (1988)

UNITED STATES of America, Plaintiff-Appellant, v. Joseph Elbert KEETON, et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

On Petitions for Rehearing August 10, 1988.

Attorney(s) appearing for the Case

Thomas L. Chanove, Jr., New Orleans, La., John A. Broadwell, Asst. U.S. Atty., Shreveport, La., for U.S.

Charles R. Blaylock, Monroe, La., for Joseph Keeton and Martha Keeton.

Clifford L. Lawrence, Jr., Sholars, Gunby, Allbritton, Hayden & Lawrence, Monroe, La., for Doyle Jennings and Laverne Jennings.

Before GARZA, REAVLEY and DAVIS, Circuit Judges.

W. EUGENE DAVIS, Circuit Judge:

The Small Business Administration appeals the judgment of the district court holding a surety agreement absolutely null because it was executed before the principal obligation was incurred. We reverse.

I.

In December of 1975, Gibson's Products Furniture, Inc. (Gibson's), through its officers Hubert Minor and Joseph Keeton, executed and delivered to American Bank & Trust Co. (American) a $250,000 promissory note...

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