United States v. Golden Elevator, Inc.

OPINION

RICHARD MILLS, District Judge:

The Government sues to collect a debt.

This is a cause of action to collect on a promissory note held by the Small Business Administration (SBA). On August 14, 1980, Golden Elevator, Inc., through its President, Robert H. Leenerts, executed a promissory note and security agreement with Farmers State Bank. On that same day, Robert H. Leenerts and Debra J. Leenerts agreed to personally guarantee the loan. Over five years later, on October 11, 1985, Farmers State Bank executed an assignment with the SBA

Sometime prior to the assignment, Golden Elevator began…