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CAPROCK INV. CORP. v. FEDERAL DEPOSIT INS.

No. 11-97-00099-CV.

17 S.W.3d 707 (2000)

CAPROCK INVESTMENT CORP., Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION et al., Appellees.

Court of Appeals of Texas, Eastland.

Opinion Overruling Rehearing April 27, 2000.

Attorney(s) appearing for the Case

D. Patrick Long, Patton Boggs LLP, David L. Swanson, Ford Youngblut White & Salazar, Dallas, for appellant.

Elton Montgomery, Montgomery & Peavy, Graham, Ivan Cintron, Federal Deposit Ins. Corp., David A. Groveman, Dallas, William F. (Pete) Baker, McClesky Harriger Brazill & Graf, Lubbock, Lance Hall, Sweetwater, for appellees.

Panel consists of: ARNOT, C.J., and WRIGHT, J., and DICKENSON, S.J.

OPINION

W.G. ARNOT, III, Chief Justice.

This appeal arises out of the attempt to collect on a delinquent note. On December 30, 1987, Elton Montgomery, Al Jonietz, Vernon Stevens, Tom Griffin, and Charles L. Cook, as individuals, executed a promissory note in the amount of $180,000.00 payable to the Texas Bank & Trust Co. in Sweetwater, Texas. The loan was given for the purchase of producing oil, gas, and mineral leases in New Mexico and Oklahoma. The...

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