United States v. Thomas N. Terrey

WISDOM, Circuit Judge:

This appeal challenges a recovery by the United States on a guaranty agreement executed by the defendant-appellant, Terrey, to secure a Small Business Administration loan. When the original debtor, SESO Corporation, defaulted on the loan, it turned over its assets to the SBA. The Administration sold the assets at a public auction and sued Terrey for the resulting deficiency. The district court directed a verdict for the SBA, overruling Terrey’s contention that the agency had not sold the assets in a commercially reasonable manner. We hold that the jury should have been…