Federal Deposit Insurance v. Helm

Federal Deposit Insurance Corporation (FDIC), as receiver for and as the “purchase and assumption” successor to assets of the First State Bank of Elgin (bank), brought this action to recover on a promissory note executed by defendant in the bank’s favor. Defendant appeals from a summary judgment for FDIC, and we affirm.

As part of the transaction in which defendant executed the note, he executed and delivered a bargain and sale deed to the bank for certain real property. On its face, the deed constituted an outright conveyance of the property to the bank. Defendant contends, however, that the…