United States v. Ross

MEMORANDUM OPINION

JOHN FEIKENS, Chief District Judge.

This is an action brought pursuant to 28 U.S.C. § 1345 to recover monies due the government from the defendant under an individual loan guarantee executed by him with the Small Business Administration (SBA). For the reasons stated below, I conclude that the United States is entitled to judgment. 1

I. FINDINGS OF FACT

1. On April 1, 1976, the SBA loaned Popps Incorporated (Popps), a Michigan meat processing corporation, $450,000.00 at a rate of 6.58% annual interest. This loan was secured with both real and personal property, consisting of…