First Federal Savings Bank v. Eaglewood Court Condominium Ass'n

186 Ga. App. 605 (1988)

367 S.E.2d 876

FIRST FEDERAL SAVINGS BANK OF GEORGIA

v.

EAGLEWOOD COURT CONDOMINIUM ASSOCIATION, INC.

75753.

Court of Appeals of Georgia.

Decided March 18, 1988.

Rehearing Denied March 30, 1988.

John P. Joiner, for appellant.

John J. Barrow, for appellee.

CARLEY, Judge.

Appellant-defendant First Federal Savings Bank of Georgia (First Federal) made loans to Richard Burnette, who used the funds to buy condominium units in the Eaglewood Court development. First Federal held purchase money security deeds for each of Burnette's units. Burnette subsequently defaulted on his loans from…