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FDIC v. LYNCH

August 20, 1942

FEDERAL DEPOSIT INS. CORPORATION
v.
LYNCH



The opinion of the court was delivered by: CAMPBELL

CAMPBELL, District Judge.

This is a motion made by the plaintiff for judgment on the pleadings.

This action is based upon a promissory note, executed and delivered by the defendant James J. Lynch to the Fort Greene National Bank in New York, on or about July 9th, 1936, wherein and whereby it is stated, for value received the defendant promissed to pay to the order of the said bank on demand the sum of $6,200 with interest thereon at the rate of 6% per annum.

 The defendant, as collateral security for the payment of the said note, deposited the following property with the bank:

 1. Assignment of values, less previous loans aggregating $891.00, in New York Life Insurance Company's policies on life of James J. Lynch, numbered 9,041,886 and 10,975,148.

 2. Assignment of 750 shares common stock of The Panama Co. Ltd., per value $10.00, numbered 6 & 7.

 3. Assignment of six notes made by M. G. Thomle aggregating $3,600.00.

 The said bank realized upon the cash values of the aforesaid policies, before its suspension and credited the same to said note.

 On April 14th, 1937, the bank closed, because of inability to meet the demands of its depositors, whereupon the Comptroller of the Currency of the United States of America, pursuant to the Statutes in such case made and provided, appointed plaintiff as Receiver of the Bank.

 At the time of the Commencement of this action, the amount due and owing, from the defendant to the plaintiff, on said note, was $5,754.39 for which plaintiff seeks judgment.

 The summons and complaint herein were served upon the defendant, who filed an answer and plaintiff moved for judgment on the pleadings.

 Subsequent thereto, defendant filed an amended answer to the complaint.

 The attorneys for the respective parties thereafter entered into a stipulation, which was filed with this Court, that the original motion for judgment on the pleadings be directed to the amended answer.

 The amended answer, in effect, denies the allegations of the complaint, except that defendant admits executing the note and that payment was made ...


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