Legal Opinion
United States v. Joseph Elbert Keeton
Court of Appeals for the Fifth Circuit
Decided August 10, 1988No. 87-4276PublishedCited by 2 opinions
1Opinion of the Court
W. EUGENE DAVIS, Circuit Judge:
The Small Business Administration appeals the judgment of the district court holding a surety agreement absolutely null because it was executed before the principal obligation was incurred. We reverse.
I
In December of 1975, Gibson’s Products Furniture, Inc. (Gibson’s), through its officers Hubert Minor and Joseph Keeton, executed and delivered to American Bank & Trust Co. (American) a $250,000 promissory note. On October 12, 1981, American assigned this note to the Small Business Administration (SBA). The note is now in default with an unpaid balance just over…
2Cases cited5 opinions
- Merchants Trust & Savings Bank v. OlanoLouisiana Court of Appeal · 1987
- BNO Leasing Corp. v. Hollins & Hollins, Inc.Louisiana Court of Appeal · 1984
- Crescent Cigar & Tobacco Co. v. RizzutoLouisiana Court of Appeal · 1931
- S. P. Weaver Lumber & Supply Co. v. PriceSupreme Court of Louisiana · 1944
- Prime Time Television, Inc. v. Coastal Computer Systems, Inc.Louisiana Court of Appeal · 1986
3Cited by2 opinions
- Sizeler Property Investors, Inc. v. Gordon Jewelry Corp.Louisiana Court of Appeal · 1989
- United States v. Joseph Elbert KeetonCourt of Appeals for the Fifth Circuit · 1988