Legal Opinion
Heritage Bank & Trust Co. v. Abdnor
Court of Appeals for the Seventh Circuit
Decided July 3, 1990No. 89-1990PublishedCited by 9 opinions
1Opinion of the Court
CUDAHY, Circuit Judge.
Heritage Bank & Trust (“Heritage”) made a loan to Kautzmann Steel, Inc. that enabled Kautzmann Steel to purchase most of the assets of Beverly Steel, Inc. The Small Business Administration (the “SBA”) guaranteed 90% of the loan. When Kautz-mann Steel defaulted on the loan, Heritage asked the SBA to assume its portion of the debt. The SBA refused, explaining that the undisclosed status of William Parker, Beverly Steel’s principal shareholder, as a director of Heritage violated the SBA’s conflict of interest regulations. Heritage sued to compel the SBA to assume the…
2Cases cited7 opinions
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- Howard Smithson and Maretta Smithson v. The United StatesCourt of Appeals for the Federal Circuit · 1988
- Eastern Illinois Trust & Savings Bank v. SandersCourt of Appeals for the Seventh Circuit · 1987
- Eastern Illinois Trust & Savings Bank v. SandersDistrict Court, N.D. Illinois · 1986
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3Cited by9 opinions
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