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FIRST NAT. BANK, LEXINGTON, TENN. v. U.S.

No. 88-1003.

846 F.2d 740 (1988)

FIRST NATIONAL BANK, LEXINGTON, TENNESSEE, Plaintiff-Appellee, v. The UNITED STATES, Defendant-Appellant.

United States Court of Appeals, Federal Circuit.

May 16, 1988.

Attorney(s) appearing for the Case

J. Alan Hanover, Hanover, Walsh, Jalenak & Blair, Memphis, Tenn., argued for plaintiff-appellee. With him on the brief was Stephen R. Leffler.

Paul J. Ehlenbach, Commercial Litigation Branch, Dept. of Justice, Washington, D.C., argued for defendant-appellant. With him on the brief were Richard K. Willard, Asst. Atty. Gen., David M. Cohen, Director and Thomas W. Petersen, Asst. Director. Also on the brief were Ronald E. Gottschalk, Asst. Regional Atty. and Aaron Kahn, Office of General Counsel, Dept. of Agr., of counsel.

Before MARKEY, Chief Judge, DAVIS and SMITH, Circuit Judges.

DAVIS, Circuit Judge.

The question is whether the Farmers Home Administration (FmHA), which guaranteed 90% of a loan made by a Michigan bank (the lender) to a private borrower, is liable to appellee First National Bank (FNB), the subsequent purchaser of the guaranteed part of the loan, for extra payments due after the borrower's default. The United States Claims Court held that the United States (on behalf of its agency, FmHA) was so liable (First Nat'l Bank, Lexington...

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