Federal Deposit Insurance Corp. v. Gamaliel Farm Supply, Inc.

WILHOIT, Judge.

This is an appeal from a judgment of the Monroe Circuit Court based upon a jury verdict which held the appellee, Adrain Lee, was not liable to the appellant for payment of two promissory notes signed by him. The two notes were payable to the Gamaliel Bank. The appellant, Federal Deposit Insurance Corporation (FDIC), is the receiver of the Gamaliel Bank which was closed by order of the Kentucky Commissioner of Banking.

On August 18, 1979, Paul R. Lee, as president, and his father Adrain Lee, as secretary-treasurer of Gamaliel Farm Supply, Inc., signed a demand note for…