General Storage Corp. v. Federal Deposit Insurance Corp.

This is an appeal by the defendant General Storage Corporation from an adverse final summary judgment in a mortgage foreclosure action. We reject General Storage Corporation’s sole point on appeal that there were genuine issues of material fact as to the existence and date of its default on a $1,600,000 promissory note and $150,000 future advance note, which notes were secured by an irrevocable letter of credit and a mortgage. Without material dispute, the evidence in this record establishes (1) the notes in question matured on March 17, 1989, but General Storage Corporation failed to pay the…