Federal Deposit Insurance Corporation, in Its Capacity as Receiver of Century National Bank v. Billy B. Goldberg

GOLDBERG, Circuit Judge:

This is an action by the Federal Deposit Insurance Corp. (“FDIC”), as Receiver for Century National Bank (“CNB”), to collect on a $100,000 promissory note executed by Billy B. Goldberg (“Goldberg”), a principal shareholder and a past chairman of the failed institution. Goldberg defended this action on the ground that he had received a $100,000 credit on the note from CNB. He claimed that the credit arose from the rescission of a purchase of CNB stock. CNB's Board of Directors had voted to rescind the stock purchase and credit Goldberg’s note only hours before the…