
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, April 24, 1990                   TAG: 9004240453
SECTION: VIRGINIA                    PAGE: B1   EDITION: BEDFORD/FRANKLIN 
SOURCE: From staff reports
DATELINE:                                 LENGTH: Short

BANK WINS SUIT AGAINST DEVELOPERS

First Virginia Bank-Franklin County bank has won a $360,000 judgment against three Smith Mountain Lake developers who had borrowed money to invest in a quarry.

The judgment in Franklin County Circuit Court on Friday was against William P. Lawson, John L. "Buddy" Hammock Jr. and David A. "Red" Dean, according to Carter Greer, an attorney for First Virginia Bank.

First Virginia Bank renewed a $344,700 note in October for what Dean said was a quarry in Bedford County.

First Virginia Bank sued the three men last month, claiming the loan had been in default since Jan. 16.

The loan had been secured by a deed of trust that Lawson said he held against a Staunton motel and by a deed of trust and contracts payable to Developing World Inc., one of Dean's companies.

Lawson recently opened a convenience store at Virginia 616 and Virginia 122 and is a partner in Lake Associates, which developed Fairway Bay condominiums.

Hammock is a principal in East Coast Asphalt and Paving Inc., which at one time had an office at the Smith Mountain Lake Executive Park.

by CNB