Dasco, Inc. v. American City Bank & Trust Co.

MEMORANDUM OPINION DENYING PLAINTIFFS’ MOTION FOR PRELIMINARY INJUNCTION

ROGER D. FOLEY, Chief Judge.

The plaintiffs in March of 1976 brought an action for specific performance of an alleged oral agreement entered into between themselves and the American City Bank and Trust Company. In addition to the American City Bank and Trust Company (Bank), the Federal Deposit Insurance Corporation (FDIC) was also named as a defendant because the FDIC is the receiver of the Bank which became insolvent sometime in 1975. This litigation arises out of the events surrounding the transfer of title of some forty…