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FEDERAL DEPOSIT INS. CORP. v. FIRST MORTG. INV.

No. 78-C-212.

485 F.Supp. 445 (1980)

FEDERAL DEPOSIT INSURANCE CORPORATION, a United States Corporation v. FIRST MORTGAGE INVESTORS, a Massachusetts trust, Defendant and Third-Party Plaintiff, v. FEDERAL DEPOSIT INSURANCE CORPORATION as Receiver for American City Bank & Trust Company, N.A., Third-Party Defendant.

United States District Court, E. D. Wisconsin.

February 20, 1980.

Attorney(s) appearing for the Case

William J. French, Gibbs, Roper, Loots & Williams, Milwaukee, Wis., for plaintiff and third-party defendant.

Russell A. Eisenberg, Howard, Peterman & Eisenberg, Milwaukee, Wis., for defendant and third-party plaintiff.

MEMORANDUM AND ORDER

WARREN, District Judge.

This is an action seeking recovery on a note made by defendant First Mortgage Investors ("FMI") payable to the American City Bank & Trust Company ("American"). On its face the note held by the plaintiff, Federal Deposit Insurance Corporation ("FDIC"), is a demand note in the principal sum of $1,000,000.00. The FDIC became a holder of the note when it purchased...

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