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FIRST & CITIZENS NAT. BANK v. FEDERAL DEPOS. INS. CORP.

171 S.E.2d 856 (1970)

FIRST & CITIZENS NATIONAL BANK, ALEXANDRIA, Virginia, Successor, etc. v. FEDERAL DEPOSIT INSURANCE CORPORATION, etc.

Supreme Court of Appeals of Virginia.

Rehearing Denied March 10, 1970.

Attorney(s) appearing for the Case

Herbert H. Bateman, Newport News (Jones, Blechman, Woltz & Kelly, Newport News, on brief), for plaintiff in error.

Daniel W. Wilkinson, Jr., Newport News (West & Wilkinson, Newport News, on brief), for defendant in error.

Before SNEAD, C. J., and I'ANSON, CARRICO, GORDON, HARRISON, COCHRAN and HARMAN, JJ.

I'ANSON, Justice.

First & Citizens National Bank, Alexandria, Virginia, plaintiff, successor by merger to Shirlington Trust Company, Incorporated (Shirlington), instituted this action against the Federal Deposit Insurance Corporation (FDIC) in its own right and as receiver for Crown Savings Bank (Crown) to recover on two time certificates of deposit issued by Crown.

Plaintiff alleged that the certificates of deposit were pledged as collateral security...

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