Commonwealth Capital Corp. v. Federal Deposit Insurance Corp.

OPINION

LANSING, Judge.

Commonwealth Capital Corporation sued the Federal Deposit Insurance Corporation, as receiver for the State Bank of Bamum, to recover commissions owing from an agreement with the bank. The trial court granted summary judgment in favor of Commonwealth, and FDIC appeals. We affirm in part and vacate in part.

FACTS

In 1981 the State Bank of Bamum entered into an agreement with Commonwealth Capital Corporation, a Virginia corporation doing business in Minnesota, authorizing Commonwealth to negotiate for the bank in obtaining certificates of deposit. The bank agreed to pay…