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United States v. Stump Home Specialties Manufacturing

905 F.2D 1117 (1990).

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United States v. Stump Home Specialties Manufacturing

United States Court of Appeals for the Seventh Circuit
905 F.2D 1117 (1990).

Facts

Stump Home Specialties Manufacturing, Inc. (Stump) (defendant), a small family-owned business, applied for a Small Business Administration (SBA)–guaranteed loan. The SBA approved a fixed interest rate of 9.5 percent. After disbursing the loan proceeds, the bank sought and received SBA approval for a variable interest rate of 1.5 percent over the New York prime rate. When Stump defaulted in 1982, the interest rate had risen to 17.5 percent. The United States (plaintiff), as assignee of the SBA-guaranteed loan, sued Stump and several family-member guarantors (collectively, the Stumps) (defendants) to recover the unpaid balance. The district court entered judgment for the United States. On appeal, the Stumps argued, among other things, that the loan modification was unenforceable for lack of consideration.

Rule of Law

Issue

Holding and Reasoning (Posner, J.)

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