Joseph W. Hart, Luella F. Hart and J. Carl Russell v. The First National Bank of Birmingham, Birmingham, Alabama

GOLDBERG, Circuit Judge:

During the war year of 1942, Joseph W. Hart and J. Carl Russell (the plaintiff s-appellants), architects residing in Nashville, Tennessee, formed the Country Club Village Corporation (Country Club) to build a 412-unit housing project in Mobile, Alabama. Country Club, by completion of construction in October, 1943, had borrowed $2,200,000 to build the project from the First National Bank of Birmingham (the defendant-appellee) and the Merchant’s National Bank of Mobile. This loan was secured by the personal guaranties of Hart and Russell, by the pledge of the Country…