F.D.I.C. v. Winston

This is an action in contract brought by the plaintiff, as liquidating agent of the New Boston Bank and Trust Company, to recover for loans allegedly made to the defendant in the form of credits to a joint checking account in the name of the defendant and his wife. The case was heard in the trial court upon the parties’ stipulations.

The defendant and his wife held a joint checking account in the New Boston Bank and Trust Company. In 1970 the defendant executed an executive credit agreement with the bank which provided, in relevant part, that the:

“ Í. Cardholder may obtain one or more loans…