Federal Deposit Insurance Corporation, in Its Corporate Capacity v. Grady P. Morrison
Court of Appeals for the Eleventh Circuit
1Opinion of the Court
ALBERT J. HENDERSON, Circuit Judge:
The Federal Deposit Insurance Corporation (FDIC) appeals from dismissal by the United States District Court for the Northern District of Alabama, 568 F.Supp. 1240, of its suit for a deficiency judgment. We reverse and remand.
On August 4, 1979, the appellee, Grady P. Morrison, and his employee, Dorothy Ray, jointly owned real estate in Ohatchee, Calhoun County, Alabama. On that date they executed an assignable Note and Security Agreement, mortgaging their property to the East Gadsden Bank in Etowah County, Alabama. Although Ray already had moved onto the…
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