United States of America, Appellee-Cross-Appellant v. Ben T. Lowell and Louise D. Lowell, Appellants-Cross-Appellees

SILER, District Judge.

The Interlakes Machine & Tool Co. (Interlakes), a corporation, borrowed $180,-000.00 from the Presque Isle Bank, Rogers City, Michigan, with the assistance of the Small Business Administration pursuant to 15 U.S.C. § 631, et seq. In accordance with the agreement contained in an earlier application approved by the Small Business Administration (SBA), Interlakes provided a promissory note with personal guaranties signed by Richard Templeton and George Steinmetz, who were officers of the corporation. The promissory note and the personal guaranties were executed on the same…