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RESOLUTION TRUST CORP. v. LIPTON

Nos. 92-1054, 92-1072.

983 F.2d 901 (1993)

RESOLUTION TRUST CORPORATION, Appellee, v. George H. LIPTON, Appellant. RESOLUTION TRUST CORPORATION, Appellee, v. AIRLAKE GROUP, etc., Appellant.

United States Court of Appeals, Eighth Circuit.

Decided January 14, 1993.

Rehearing Denied March 2, 1993.

Attorney(s) appearing for the Case

Paul M. Floyd, Minneapolis, MN, argued (Joseph W. Anthony, on the brief), for appellant George Lipton.

Robert M. Halvorson, New Ulm, MN, argued (Christopher J. Dietzen and Lisa A. Gray, Bloomington, MN, on the brief), for appellant Airlake Group.

James J. Bertrand, Minneapolis, MN, argued (James G. Bullard, on the brief), for appellee Resolution Trust Corp.

Before JOHN R. GIBSON, and MAGILL, Circuit Judges, and VAN SICKLE, Senior District Judge.

VAN SICKLE, Senior District Judge.

This action arises out of a loan agreement between Occidental Nebraska Federal Savings Bank (Occidental) and Airlake Group (Airlake). Airlake defaulted on the loan which was secured by a mortgage. Occidental commenced foreclosure proceedings. Pursuant to the guarantor agreements executed by partners owning Airlake, including George H. Lipton, several partners were sued individually due to Airlake's default. In its capacity as successor...

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