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FEDERAL DEPOSIT INS. CORP. v. WOOD

No. 84-1124.

758 F.2d 156 (1985)

FEDERAL DEPOSIT INSURANCE CORPORATION, in its corporate capacity, Plaintiff-Appellee, v. Richard M. WOOD, Defendant-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided March 26, 1985.

Attorney(s) appearing for the Case

Robert E. Butcher (argued), Southgate, Mich., for defendant-appellant.

Larry Powe (argued), Mount Clemens, Mich., Karen T. Mendelson, Bloomfield Hills, Mich., Margaret Egginton, Daniel W. Persinger, Lawrence F. Bates, Washington, D.C., for plaintiff-appellee.

Before LIVELY, Chief Judge and MARTIN and JONES, Circuit Judges.

BOYCE F. MARTIN, Jr., Circuit Judge.

This is an action by the Federal Deposit Insurance Corporation in its corporate capacity to recover on a note that it purchased as part of a purchase and assumption agreement. The issue is whether the FDIC can recover the full amount of interest payable on the note when the jury found it to be usurious under state law. The district court, in a judgment notwithstanding the verdict, allowed the collection of interest on the ground...

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