Federal Deposit Insurance Corporation v. Barness

484 F. Supp. 1134 (1980)

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Nature of the Case

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Facts

Barness (D) sought to avoid enforcement of a promissory note for $64,835 to Centennial Bank. The FDIC (P) came into possession of the note when the Centennial was taken over by regulators. D claimed he signed the note solely to aid Centennial in order to satisfy HUD's loan guaranty requirements for construction projects that the bank was financing. D was a major shareholder of Centennial. P contends that the Uniform Written Obligations Act has control over this situation. The note only contained a bare promise to pay.