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FIRST SOUTH SAV. v. FIRST SOUTHERN PARTNERS

No. 91-2248.

957 F.2d 174 (1992)

FIRST SOUTH SAVINGS ASSOCIATION and Resolution Trust Corporation, as Conservator, Plaintiffs-Appellees, v. FIRST SOUTHERN PARTNERS, II, LTD, Defendants, Coffee R. Conner and the Estate of Jack Gaulding, Deceased, Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

April 1, 1992.

Attorney(s) appearing for the Case

Donald M. Hunt, Carr, Fouts, Hunt, Craig, Terrill & Wolfe, Lubbock, Tex., for defendants-appellants.

Walter J. Cicack, Joseph C. Tixier, Houston, Tex., for First South Sav.

Before REAVLEY, HIGGINBOTHAM, and DeMOSS, Circuit Judges.

DeMOSS, Circuit Judge:

On March 31, 1983, Coffee R. Conner and Jack Gaulding, ("Guarantors"), each executed separate guaranty agreements of a promissory note executed by First Southern Partners, II, Ltd., a Texas limited partnership (of which Conner and Gaulding were the general partners) payable to First Savings Association, Port Neches, Texas, in the amount of $2,790,000, (the "Note"), which was secured by a first mortgage lien on certain real property described...

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