Brill v. Citizens Trust Co.

OPINION

SHEA, Justice.

This is an appeal from a judgment entered in Superior Court granting the defendant’s motion for summary judgment. The question before us is whether a creditor-bank that is the holder of an unmatured note is entitled to exercise its equitable right of setoff against deposits of a debtor-corporation that has been petitioned into receivership. We answer this question in the negative.

The material facts in the case are not in dispute. The debtor corporation, Marin, Inc. (Marin), was petitioned into receivership on December 19,1979, and plaintiff, Marvin A. Brill (Brill), was…