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FED. DEPOSIT INS v. FORTE

109 Misc.2d 546 (1981)

Federal Deposit Insurance Corporation et al., Plaintiffs, v. Michael Forte et al., Defendants.

Supreme Court, Special Term, Nassau County.

June 12, 1981

Attorney(s) appearing for the Case

Ira L. Hyams, P. C., for plaintiffs. Nadic & Smolev, P. C., for Michael Forte and another, defendants. Irving L. Schuh for Lamb Associates, Inc., and another, defendants. Cullen & Dykman for Long Island Trust Company.

BERNARD F. McCAFFREY, J.

The threshold question to be determined on this motion for a deficiency judgment is — do the provisions of RPAPL 1371 apply to the Federal Deposit Insurance Corporation (FDIC) in its capacity as the liquidator-assignee of the obligations of an insolvent bank?

There appears to be little or no Federal or State law directly on this point. The court must, therefore, at the outset determine whether Federal or State law...

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