Byrd v. Federal Deposit Insurance Corp.

DANAHY, Acting Chief Judge.

The appellants are two of the makers of a promissory note in favor of Park Bank, Florida, of St. Petersburg in the principal amount of $50,000. In 1985 Park Bank commenced this action against the appellants to collect the note. After Park Bank became insolvent, the appellee (FDIC) purchased the appellants’ note from the liquidator of Park Bank as part of a purchase and assumption transaction. FDIC was then substituted as plaintiff in this action in place of Park Bank.

The appellants attempted settlement negotiations with FDIC. In 1990 FDIC recommenced its efforts in…