Colley v. First Federal Savings & Loan Ass'n of Panama City

SHIVERS, Judge.

This is an appeal by the defendant/mortgagor of the trial court’s order granting plaintiff’s/mortgagee’s motion for appointment of a receiver. Finding the trial court’s order to be an abuse of discretion, we reverse.

The record in this case indicates that appellee First Federal Savings and Loan Association of Panama City (First Federal) made a series of construction loans totaling over $2,000,000 to appellant B.J. Colley, Jr. (Colley), a Panama City real estate developer, pursuant to a business relationship whereby Colley agreed to use First Federal as his primary source of…