Herbert R. Black, Thomas M. Daniels, Jr. And J. C. Clements v. Federal Deposit Insurance Corporation

TUTTLE, Circuit Judge:

Black, Daniels, and Clements are three obligors who, on February 11,1974, signed a note payable to Hamilton Mortgage Corporation for $458,000. This note was transferred to Hamilton National Bank and, upon that institution’s insolvency, the Federal Deposit Insurance Corporation (FDIC) acquired it as a receiver of the bank. FDIC as receiver then sold the note to FDIC in its corporate capacity.

The purpose of this financing was to assist in the obligors’ development of real estate. Under the “Acquisition and Development Loan Agreement” the lender was obligated to “make loans…