Palmer v. Federal Deposit Insurance Corp.

PEDEN, Justice.

Appeal from a summary judgment entered against a co-maker of a promissory note in a suit brought by the Federal Deposit Insurance Corporation acting as receiver for Sharpstown State Bank. The F.D.I.C. had, in another suit, previously taken a judgment against John Osorio, the other co-maker of the note, but that judgment had not been satisfied. The judgment entered in the instant case provides that payment received on either judgment shall be applied to both.

In 1971 the directors of the Sharpstown State Bank placed it in the hands of the State Banking Commissioner for…