Albermarle Bank & Trust Co. v. United States

OPINION

SMITH, Chief Judge.

This case is before the Court on Defendant’s Motion to Dismiss. This order elaborates upon an oral ruling given by the Court at the close of argument on the motion. That ruling was based upon consideration of the parties’ submissions and oral argument.

Facts

In February of 1978, Milodon Engineering Inc. (Milodon), a California Corporation, requested plaintiff Ablemarle Bank and Trust Company (Albemarle) to serve as a lender for a Farmer’s Home Administration (FmHA) 90 per centum guaranteed loan. The loan was for a total of $600,000 to be made in three phases, a working…