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NATIONAL ENTERPRISES, INC. v. SMITH

No. 94-72839.

913 F.Supp. 534 (1996)

NATIONAL ENTERPRISES, INC., Plaintiff, v. Paul SMITH, Defendant.

United States District Court, E.D. Michigan, Southern Division.

January 11, 1996.

Attorney(s) appearing for the Case

Morgan J. Scudi, Huth, Lynett and Scudi, San Diego, CA, Michael J. Lynett, Huth, Lynett & Scudi, Detroit, MI, for Plaintiff.

Stephen J. Safranek, Detroit, MI, for Defendant.

OPINION AND ORDER

I. Background

FEIKENS, District Judge.

On June 29, 1987, Defendant entered into an Open End Vessel Lease with First Federal Savings & Loan Association ("First Federal") of Toledo, Ohio for a new Viking forty-four foot motor yacht. During the term of the lease, First Federal failed and was taken over by the Resolution Trust Corporation ("RTC"). Still later, RTC sold and assigned all of its rights, title and interest...

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