Fidelity Federal Savings & Loan Ass'n v. Gray
Fidelity Federal Savings & Loan Ass'n v. Gray
Opinion of the Court
This cause came on for hearing before the Court on July 22, 1949.
The cause was submitted upon the pleadings, evidence, exhibits, and argument of counsel for plaintiff and defendant, and, after due consideration thereof, the Court enters its Findings of Fact and Conclusions of Law, as follows:
Findings of Fact
1. The ¡Court finds that Adrian G. Combs is a veteran of World War II and was honorably discharged from the armed forces of the United States prior to his application to the Fidelity Federal Savings & Loan Association of Nashville, Tennessee, for the loan hereinafter mentioned. After his discharge and prior to March 12, 1947, he made application to Fidelity Fed
2. After the petition in bankruptcy had been filed the Fidelity Federal Savings & Loan Association made preparations to sell the property under the Deed of Trust. Prior to the date set for the sale Combs and his wife paid up all the delinquent installments on the Note and foreclosure proceedings were discontinued at that time. Thereafter the loan became delinquent again and foreclosure proceedings were again instituted and the property was sold at a foreclosure sale. The proceeds of the foreclosure sale were not sufficient to pay the entire indebtedness, including the cost of such sale. The Fidelity Federal Savings & Loan Association has sued the Administrator of Veterans Affairs for $848.97, alleging that is the balance due it and it has a contract of guaranty with the Administrator. The Administrator denies liability.
3. The Court finds that the Fidelity Federal Savings & Loan Association did not, after the loan was made, “forthwith” provide the Administrator of Veterans Affairs with a statement setting forth the full name and serial number of the veteran, amount and terms of the loan, and with a legal description of the property, together with an appraisal report made by the designated appraiser, as required by Subsec. (c) of Sec. 500, Title III, Servicemen’s Readjustment Act of 1944, as 'amended, 38 U.S.C.A. § 694(c), nor did the Fidelity Federal Savings & Loan Association provide notice within thirty days after the making of the loan, as required by Sec. 36.4303 of the regulations promulgated by the Administrator of Veterans Affairs for the purpose of carrying out the provisions of Title III of the Service Men’s Readjustment Act of 1944, as amended, 38 U.S.C.A. § 694 et seq.
Conclusions of Law
1. The Court has jurisdiction of this cause, 38 U.S.C.A. § 694j.
2. The Court concludes that the Fidelity Federal Savings & Loan Association does not have a contract of guaranty with the Administrator of Veterans Affairs
3. Plaintiff’s suit should be dismissed at costs of'plaintiff and judgment entered for defendant.
Judgment accordingly.
Reference
- Full Case Name
- FIDELITY FEDERAL SAVINGS & LOAN ASS'N v. GRAY, Administrator of Veterans Affairs
- Status
- Published