LPP Mortgage, Ltd. v. Boutwell

COBB, Chief Justice.

The facts underlying this appeal are as follows. Boutwell Lumber Company, Inc., executed a note in the amount of $750,000 to ITT Small Business Finance Corporation (“ITT”) on April 15, 1991; the note was secured by a mortgage. The transaction was executed through the offices of the United States Small Business Administration (“SBA”). 1 Emmitt H. Boutwell, Sr., and his wife Jamie P. Boutwell, and Emmitt H. Boutwell, Jr., and his wife Cindy S. Boutwell (hereinafter referred to collectively as “the defendants”) executed guaranty agreements funded by the SBA to ITT providing…