Bangs v. Farm Credit Bank

Beasley, Judge.

Defendants, the Bangses, appeal the grant of summary judgment to plaintiff The Farm Credit Bank of Columbia (FCB) in this suit for judgment on a promissory note. Applicable is the Agricultural Credit Act of 1987, Farm Credit Act of 1971, §§ 1.1-8.14, as amended, 12 USCA § 2001 et seq., particularly § 2202a.

James Bangs and his sons, Kenneth and Roger, executed a promissory note for $952,800 in favor of FCB’s predecessor, to obtain a loan. The indebtedness was collateralized by a security deed on approximately 1,272 acres of land. The note provided for forty annual installment…