Federal Deposit Insurance v. Kirkland

Lewis, Chief Justice:

Among the assets coming into the hands of appellant, Federal Deposit Insurance Corporation, as the result of the closing of American Bank and Trust Company, was a note in the amount of $127,700.00, signed by Cecil Development Company, Inc., Anthony P. Cecil, and respondent, Stancel E. Kirkland, and secured by a mortgage from Cecil Develop ment Company over certain real property on Hilton Head Island. The note was in default and appellant brought this action to collect the indebtedness through foreclosure of the mortgage and a deficiency judgment against the signers of the…