(DOWNLOAD) "Federal Deposit Insurance Corp. v. Panelfab Puerto Rico Inc." by United States Court of Appeals for the First Circuit * eBook PDF Kindle ePub Free

eBook details

Title: Federal Deposit Insurance Corp. v. Panelfab Puerto Rico Inc.
Author : United States Court of Appeals for the First Circuit
Release Date : January 25, 1984
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 72 KB

Description

On March 31, 1978, the Secretary of the Treasury of the Commonwealth of Puerto Rico determined that the Banco Credito y Ahorro Ponceno (the Bank) was insolvent, ordered the Bank closed, and appointed the Federal Deposit Insurance Corporation (FDIC) as the Banks receiver. Pursuant to 12 U.S.C. Â§ 1823(c), the FDIC purchased certain assets of the Bank, including a promissory note executed in 1977 by Panelfab Puerto Rico, Inc. (Panelfab) in the amount of $200,000. The district court found that the Bank issued the note in order to evidence a line of credit in that same amount and that "the line of credit after 1968 was extended from $200,000.00 to $400,000.00 and later to $700,000.00, and money was borrowed and paid accordingly." Appendix at 46a-47a. The Bank made periodic advances to Panelfab against this line of credit, and on the date of the Banks closing Panelfab owed the Bank $127,179 plus interest. It is uncontested that Panelfab still owes this amount, now to the FDIC.