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F.D.I.C. v. WORLD UNIVERSITY INC.

No. 92-1389.

978 F.2d 10 (1992)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, Appellee, v. WORLD UNIVERSITY INC., et al., Defendants, Appellees. Santa Barbara Center Corporation, Defendant, Appellant.

United States Court of Appeals, First Circuit.

Decided October 22, 1992.

Attorney(s) appearing for the Case

Norberto Medina-Zurinaga with whom Carlos J. Quilichini and Quilichini, Oliver, Medina & Gorbea were on brief, for appellant.

Jeannette E. Roach, Counsel, F.D.I.C., with whom Ann S. Duross, Asst. Gen. Counsel, Colleen B. Bombardier, Sr. Counsel, Robert D. McGillicuddy, Deputy Sr. Counsel, Larry H. Richmond, Counsel, F.D.I.C., Frank Gotay-Barquet and Feldstein, Gelpi & Gotay were on brief, for appellee.

Before SELYA, CYR and STAHL, Circuit Judges.

STAHL, Circuit Judge.

In this appeal, defendant-appellant Santa Barbara Corporation ("Santa Barbara") challenges the district court's entry of summary judgment in favor of plaintiff-appellee Federal Deposit Insurance Corporation ("the FDIC"). Finding no error in the district court's ruling, we affirm.

BACKGROUND

On September 10, 1975, Santa Barbara obtained a $90,000 loan from Banco Central, a Puerto Rico bank. Santa Barbara used the proceeds of...

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