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F.D.I.C. v. MOORE

No. 20903.

879 P.2d 78 (1994)

118 N.M. 77

FEDERAL DEPOSIT INSURANCE CORPORATION, in its corporate capacity, as Liquidator of New Mexico National Bank, a national banking association, Plaintiff-Appellee, v. Richard MOORE and Paulette Moore, Defendants-Appellants.

Supreme Court of New Mexico.

July 7, 1994.

Attorney(s) appearing for the Case

David L. Norvell and Thomas A. Tabet, Albuquerque, for appellants.

Gary Don Reagan, P.A., Gary Don Reagan, Mark Terrence Sanchez, Hobbs, and Ann S. DuRoss, Richard J. Osterman, Jr., and E. Whitney Drake, Washington, DC, for appellee.

OPINION

FRANCHINI, Justice.

Richard and Paulette Moore appeal from a grant of summary judgment against them and in favor of the FDIC. The Moores guaranteed a loan made by New Mexico National Bank to High Country Ceramics, Inc. ("the Corporation"). The FDIC is the liquidator of the Bank, which became insolvent in July, 1986. Because it is undisputed that the Moores revoked the guaranty and that the Bank then materially altered the terms of the note in contravention...

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