Federal Savings & Loan Insurance Corp. v. Brenner

MEMORANDUM ORDER

FISH, District Judge.

This ease is before the court on the motion for summary judgment of plaintiff, the Federal Savings and Loan Insurance Corporation (“FSLIC”). For the reasons stated below, the motion is granted.

I. Background

On March 19, 1987, Vernon Savings and Loan Association (“VSLA”) was declared insolvent and FSLIC was appointed as receiver. A new federally-chartered mutual association, VSLA-FSA, was created, which then purchased from FSLIC substantially all of the assets of VSLA. These assets included two promissory notes, for $60,000 and $35,014.75 respectively,…