Township of South Hackensack v. Federal Deposit Ins.

BIDDLE, Circuit Judge.

Federal Deposit Insurance Corporation purchased $130,000 Temporary Sewer Bonds and $135,978.01 notes of the Township of South Hackensack, in the County of Bergen, New Jersey (formerly Township of Lodi) from the Little Ferry National Bank, and recovered a judgment of $313,730.26, which included $90,000 principal amount of the bonds which had become due, the principal amount of the notes, and interest on both. The case was tried without a jury, and the District Court for the District of New Jersey entered findings of fact and conclusions of law covering the issues…