Federal Deposit Insurance v. Waldron

SPROUSE, Circuit Judge:

This action to collect on a guaranty of a corporate note was brought by the Federal Deposit Insurance Corporation (FDIC) against Scott M. Waldron, Herbert L. Benson, Jr., Truitt H. Casey, Vermelle Roland Fagan, Executrix of the Estate of Wylie H. Fagan, Deceased, and L. G. Funderburk (Guarantors). The district court granted summary judgment to the FDIC based on depositions and affidavits. The Guarantors appeal. We affirm the judgment of the district court.

The American Bank and Trust Company (the Bank) loaned $135,000.00 to Terracorp, Inc. in July, 1972. The five…