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COMMONWEALTH CAPITAL CORP. v. F.D.I.C.

No. C7-86-1501.

400 N.W.2d 787 (1987)

COMMONWEALTH CAPITAL CORPORATION, Respondent, v. FEDERAL DEPOSIT INSURANCE CORPORATION as Receiver for the State Bank of Barnum, Appellant, Minnesota Commissioner of Commerce, Respondent.

Court of Appeals of Minnesota.

February 17, 1987.

Attorney(s) appearing for the Case

James H. Levy, John L. Sullivan, Michael C. Connelly, Oppenheimer, Wolff, Foster Shepard & Donnelly, St. Paul, for Commonwealth Capital Corp.

John N. Nys, Joseph J. Roby, Jr., Johnson, Killen, Thibodeau & Seiler, P.A., Duluth, for Federal Deposit Insurance Corporation as Receiver for the State Bank of Barnum.

Hubert H. Humphrey, III, Atty. Gen., Gregory P. Huwe, Sp. Asst. Atty. Gen., St. Paul, for Minnesota Com'r of Commerce.

Heard, considered and decided by CRIPPEN, P.J., and LANSING and NIERENGARTEN, JJ.

OPINION

LANSING, Judge.

Commonwealth Capital Corporation sued the Federal Deposit Insurance Corporation, as receiver for the State Bank of Barnum, to recover commissions owing from an agreement with the bank. The trial court granted summary judgment in favor of Commonwealth, and FDIC appeals. We affirm in part and vacate in part.

FACTS

In 1981 the State Bank of Barnum entered into an agreement with Commonwealth Capital Corporation, a Virginia...

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