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GRANT v. FARM CREDIT BANK OF TEXAS

No. 92-5177.

8 F.3d 295 (1993)

T.A. GRANT, III, Plaintiff-Appellant, v. FARM CREDIT BANK OF TEXAS, et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

December 3, 1993.

Attorney(s) appearing for the Case

Thomas A. Grant, III, Grant & McGaha, pro se.

Robyn J. Spalter, Warren Horn, Bronfin & Heller, New Orleans, LA, for plaintiff-appellant.

William C. Gambel, Jean Marie Sweeney, Mark P. Dauer, Milling, Benson, Woodward, Hillyer, Pierson & Miller, New Orleans, LA, for Farm Credit, FCS, Slay & Haynes.

Ellen Rose Eade, McLeod, Verlander, Eade & Verlander, Monroe, LA, for REW Enterprises, Inc.

William E. Wright, Jr., Deutsch, Kerrigan & Stiles, New Orleans, LA, for Milling, Benson, Woodward, et al.

Before REYNALDO G. GARZA, JOLLY, and EMILIO M. GARZA, Circuit Judges.

E. GRADY JOLLY, Circuit Judge:

In 1983, Thomas A. Grant III, Suzanne Paxton, and James Steele, III (hereafter referred to collectively as "Grant") purchased approximately 37,000 acres of land in Morehouse, Ouachita, and Union Parishes, Louisiana, for about $36,000,000. Grant borrowed approximately half of the purchase price from the Federal Land Bank of Jackson ("FLBJ"). In exchange, Grant gave FLBJ a mortgage on 15,000 acres to secure the debt. After a few years...

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