North New York Savings Bank v. Federal Savings & Loan Insurance

CHARLES R. RICHEY, District Judge.

I. BACKGROUND

This action is before the Court on Motion for Summary Judgment submitted by both parties. There are two questions presented: first, is the Plaintiff entitled to receive interest on its share of the Secondary Reserve for 1971; and second, is the Plaintiff entitled to a credit for the “unearned” portion of its insurance premium paid to Defendant.

The Plaintiff in this case was, until October 1, 1971, insured by the Defend*1129ant, The Federal Savings and Loan Insurance Corporation (FSLIC). The Plaintiff had, over the years, made the required payments…