United States v. M.L. McReynolds

ALVIN B. RUBIN, Circuit Judge:

The United States seeks to collect the balance due on a Small Business Administration Loan. The district court correctly held that the applicable statute of limitations is fixed by federal, not state law; the interest rate was not usurious; and the facts concerning the rate of interest and its legitimacy were properly procured. Accordingly, we affirm.

I

M.L. MeReynolds borrowed $300,000 from the National Bank of Commerce of Mississippi in March 1981, and the Small Business Administration (SBA) guaranteed the loan. MeReynolds signed a note requiring monthly payments…