Federal Deposit Insurance v. Smith

MEMORANDUM

TAURO, Chief Judge.

The.Federal Deposit Insurance Corporation (“FDIC”), as liquidating agent of Central Savings Bank (“Central”), brings this action to recover a deficiency under a promissory note executed and delivered to Central by defendants Arthur R. Smith, Jr. and Robert R. White, both individually and as trustees for Semper Fidelis Realty Trust (the “Trust”). Defendants have asserted several affirmative defenses, generally alleging that Central failed to comply with the terms of its construction loan agreement, breached its duty of good faith and fair dealing, and breached its…