Federal Deposit Insurance v. Lee

STROM, District Judge.

Coleman Service Center, Inc. (“Coleman”) appeals 1 the district court’s Judgment of Foreclosure on a one-acre tract of property on which Coleman possessed a leasehold interest. We affirm.

I

The following is a chronological summary of the transactions which are relevant to the issues raised by the appellant.

On May 4, 1984, Audubon Federal Savings & Loan Association of New Orleans, Louisiana (“Audubon”) entered into a construction loan agreement for 4.2 million dollars with D’Jer, Inc. (“D’Jer”), Darrell Larker, Royce Lee, and James McGowan. Audubon loaned the money to…