Federal Deposit Insurance Corp. v. Franks

TORBERT, Chief Justice.

This is an appeal from a judgment entered by the Marion County Circuit Court permanently enjoining the appellant, Federal Deposit Insurance Corporation (FDIC), *1019from enforcing the payment of a promissory note and foreclosing a mortgage securing the note. We reverse.

On November 3, 1978, appellees, James and Earlene Franks, obtained a loan of $37,280.00 from the Bank of Hackleburg (BOH). Appellees executed a promissory note in favor of BOH and secured the note with a real estate mortgage on 125 acres of land they owned in Marion County. The indebtedness was to be paid in…