FEDERAL DEPOSIT INSURANCE CORPORATION V. BARNESS
484 F. Supp. 1134 (1980)
NATURE OF THE CASE: This was a dispute over the enforcement of a note.
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.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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