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Court determines personal guarantee liability
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Court Report
Monday, September 19, 2016
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In a case that spans seven years and involves action taken by a successor-in-interest for a failed bank that was put into receivership by the Federal Deposit Insurance Corp. (FDIC), a lender sued to hold two individuals responsible for their personal guarantees of a construction loan that went into default. Read on to see how a 2011 assignment from the FDIC that was retroactive to 2009 affected the case.
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