Federal Deposit Insurance v. Garbutt

This is an action on a promissory note made by defendant Robert Garbutt and payable to Tri-City Bank of Warren, Michigan, plaintiff FDIC’s predecessor in interest. Following a bench trial in Livingston Circuit Court, a judgment in plaintiff’s favor for $11,300 plus 12% statutory interest was entered. Defendant’s motion for a new trial was denied on February 17, 1984. Defendant appeals as of right and plaintiff has filed a cross-appeal.

Defendant is an industrial and architectural designer. On August 2, 1974, he signed a promissory note in the amount of $12,800 payable to TriCity Bank 90 days…