Federal Deposit Ins. Corp. v. Moore

ORDER

CHAPMAN, District Judge.

After the American Bank and Trust (AB&T) was closed by the South Carolina State Board of Bank Control in 1974, the plaintiff, Federal Deposit Insurance Corporation (FDIC) was appointed by the Board to act as receiver for the bank. As receiver the FDIC proceeded to liquidate the bank and, as part of the liquidation, it sold a number of assets including some negotiable instruments to itself. Subsequently, FDIC instituted a number of lawsuits. A large number of suits were instituted by FDIC as the corporate owner of the negotiable instruments to collect from the…