United States v. Arsenault

MEMORANDUM-DECISION-ORDER

McAVOY, District Judge.

Facts

This action is brought by the United States of America on behalf of the SBA for a money judgment on a defaulted loan made to the defendants, John F. Arsenault and David J. Chrisler. On December 28, 1984, defendants had purchased from the SBA the restaurant facility known as the “Red Caboose” in Vestal, New York. The purchase price was $285,000.00, $28,500.00 of which was paid down, and the SBA took a Note for the remaining $256,500.00. The loan on which this suit is brought was authorized by the SBA on January 31, 1985 for $80,000.00, and…