First National Bank of Lexington, Tennessee v. James C. Sanders, Administrator, Small Business Administration

Plaintiff, First National Bank of Lexington, Tennessee (FNBL), appeals the district court’s grant of summary judgment in favor of defendant, James Sanders, Administrator, Small Business Administration (SBA), on its claim for interest payments on a series of loans guaranteed by defendant. 1 For the reasons below, we affirm.

I

This litigation involves two interrelated cases arising out of the purchase by FNBL of a series of six commercial loans with fluctuating interest rates from primary lenders. Each of these loans were secured by a guarantee from the SBA and consisted of a package which…