Federal Deposit Insurance v. Kane

TORRUELLA, Chief Judge.

The Resolution Trust Corporation (“RTC”), the receiver of a failed bank, filed this action to recover under a promissory note which was executed and delivered by defendant Roger K. Kane, Jr., (“Kane”) as trustee of Northern Spy Realty Trust, to the bank. The other defendants in this case guaranteed payment on the note. Kane counterclaimed against the RTC, seeking reliance damages under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”). The Federal Deposit Insurance Corporation (“FDIC”), as the statutory successor to the RTC in this…