Federal Deposit Insurance Corporation, in Its Corporate Capacity, Plaintiff v. M.F. Crouch, Clifford E. Hemingway, and Mary Hemingway

RYAN, Circuit Judge.

This is an action on a promissory note. The maker and guarantors appeal the district court’s order granting summary judgment in favor of F.D.I.C. Appellants contend that North Carolina law, which governs this case, requires F.D.I.C. to foreclose upon the collateral securing the note before personal judgment may enter against them. The district court disagreed and held that even though foreclosure was pending in a separate jurisdiction, F.D.I.C. was entitled to judgment as a matter of law. We agree.

I

On July 19, 1978, appellant Crouch, as maker, executed a promissory note to…