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FEDERAL DEPOSIT INS. CORP. v. GALLOWAY

No. 85-2699.

856 F.2d 112 (1988)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff-Appellant, v. Jack GALLOWAY, Jack Galloway d/b/a Jack's Excavating a/k/a Jack's Excavating Co., Defendants, John W. Meyers, Jr., Lorna M. Meyers, Harry D. Sharp and Brenda C.M. Sharp, Defendants-Appellees.

United States Court of Appeals, Tenth Circuit.

September 7, 1988.

Attorney(s) appearing for the Case

Robert W. Pass of Carlton, Fields, Ward, Emmanuel, Smith & Cutler, Tampa, Florida (Lawrence F. Bates, Office of the General Counsel, Federal Deposit Ins. Corp., Washington, D.C., with him, on the briefs), for plaintiff-appellant.

Ernest C. Ballweg (Bruce E. Moore with him, on the brief), of Cooke, Ballweg, Tuley & Moore, Leawood, Kan., for defendants-appellees.

Before LOGAN and BALDOCK, Circuit Judges, and PHILLIPS, District Judge.

LOGAN, Circuit Judge.

In this action, plaintiff Federal Deposit Insurance Corporation (FDIC), in its corporate capacity as the purchaser of certain assets of the Mission State Bank & Trust Company (the Bank), seeks to recover from the guarantors of certain promissory notes made out to the Bank as payee. The district court held that the guarantors were not liable on the notes, and the FDIC appeals.

The facts are undisputed. Between October 25, 1977, and...

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