Federal Deposit Insurance v. Valencia Pork Store, Inc.

Plaintiff Federal Deposit Insurance Corporation (FDIC) brought this action to collect monies allegedly due under three equipment leases between U.S. Funding Corporation (U.S. Funding) as lessor and Valencia Pork Store, Inc. (Valencia) as lessee. The obligations of Valencia were personally guaranteed *112by defendants James Musillo and Angelo Greco, Valencia’s corporate officers. The interests of U.S. Funding were assigned to the Bank of Bloomfield and then, when the Bank of Bloomfield failed in early 1976, to FDIC.

FDIC’s three-count complaint, filed November 18, 1985, described the agreements as…