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NINTH FED. SAV. & L. v. FIRST FED. SAV. & L.

No. 79 Civ. 5379.

493 F.Supp. 981 (1980)

NINTH FEDERAL SAVINGS AND LOAN ASSOCIATION OF NEW YORK CITY, Plaintiff, v. FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF GADSDEN COUNTY and Henry T. Burnett, Jr., Defendants.

United States District Court, S. D. New York.

July 15, 1980.

Attorney(s) appearing for the Case

Brown, Wood, Ivey, Mitchell & Petty, New York City, for plaintiff; Roger J. Hawke, Joseph G. Riemer, III, New York City, of counsel.

Tucker & Globerman, New York City, for defendant First Federal Savings and Loan Association of Gadsden County.

Stein, Davidoff, Malito & Katz, New York City, for defendant Henry T. Burnett, Jr.; Larry Hutcher, Richard L. Steer, New York City, of counsel.

LASKER, District Judge.

This action arises out of an agreement made in September, 1978, between Ninth Federal Savings and Loan Association of New York City ("Ninth Federal") and First Federal Savings and Loan Association of Gadsden County [Florida] ("First Federal"). In return for an immediate payment of $20,000., First Federal agreed to purchase $2,000,000. of treasury securities from Ninth Federal in October, 1979, at Ninth Federal's option. Henry Burnett, First...

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