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FEDERAL DEPOSIT INS. v. FIRST NAT. BANK AND TRUST

No. CIV-76-0247-D.

496 F.Supp. 294 (1978)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, v. The FIRST NATIONAL BANK AND TRUST COMPANY OF OKLAHOMA CITY, a national banking association, Defendant.

United States District Court, W. D. Oklahoma.

January 4, 1980.

Attorney(s) appearing for the Case

Norman E. Reynolds, Oklahoma City, Okl., Jarrel D. McDaniel, Houston, Tex., for plaintiff.

Edward E. Soule, Peter T. VanDyke, Oklahoma City, Okl., John W. Kinslow, Lawton, Okl., for defendant.

MEMORANDUM OPINION

DAUGHERTY, Chief Judge.

On August 10, 1973 the initial Plaintiff International City Bank and Trust Company of New Orleans, Louisiana (ICB) made a loan of $1,250,000.00 to Family Loan, Inc. of Springfield, Missouri (FLI). This loan was evidenced by a promissory note and was secured by installment land sales contracts (the collateral) between an FLI subsidiary, Horseshoe Development Corporation (HDC) and a large number of individual purchasers...

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