Federal Deposit Ins. Corp. v. Newhart

ORDER

STEVENS, District Judge.

Plaintiffs brought this lawsuit to recover the unpaid balance on seven promissory notes. The Federal Deposit Insurance Corporation (FDIC) acquired all of these notes in its capacity as appointed receiver for Farmers State Bank (Bank). The FDIC, in its corporate capacity, later purchased the notes from the receiver. After the suit was filed defendant Merchants Asset Management Corporation (Merchants) purchased the notes in Counts I through VI of plaintiffs’ complaint and, consequently, was substituted as a party plaintiff in those counts. The FDIC remains the…