Federal Savings & Loan Insurance v. Kerr

THORNBERRY, Circuit Judge:

Plaintiff-Appellant, as Receiver for failed bank that held inferior lien on property, brought suit to enjoin the non-judicial foreclosure sale of property by Defendant-Appellee, holder of superior lien. The district court denied injunctive and other relief. We affirm.

I

On June 4, 1984, GSO Investment Company (“GSO”) purchased property from Consolidated Equity Capital Venture (“Consolidated”). In conjunction with the purchase of the property, GSO executed a promissory note (“Consolidated note”) payable to Consolidated for $2,442,504. A first lien deed of trust secured…