Federal Deposit Insurance v. First Mortgage Investors

MEMORANDUM AND ORDER

WARREN, District Judge.

This is an action seeking recovery on a note made by defendant First Mortgage Investors (“FMI”) payable to the American City Bank & Trust Company (“American”). On its face the note held by the plaintiff, Federal Deposit Insurance Corporation (“FDIC”), is a demand note in the principal sum of $1,000,000.00. The FDIC became a holder of the note when it purchased that note and other assets of American in order to supply the funds necessary to facilitate the assumption of certain American assets and liabilities by the Marine National Exchange Bank. There…