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ADAMS v. MADISON REALTY & DEVELOPMENT, INC.

No. 88-5111.

853 F.2d 163 (1988)

John M. ADAMS, Jr., et al., Appellants, v. MADISON REALTY & DEVELOPMENT, Inc., a corporation; Consolidated Mortgage Company, a corporation; American Funding Limited, a partnership; First American Services, Inc., a corporation; John Peter Galanis and Chandra Galanis; Jay Botchman; Tri-County Savings and Loan Association, a state chartered savings and loan association; Community Federal Savings and Loan Association, a federal savings and Loan Association; First Northern Cooperative Bank, a State Chartered Mutual Savings Bank; Empire of America Federal Savings Bank, a Federally Chartered Savings Bank; Empire of America Federal Savings Bank Deland Florida, a Federally Chartered Savings Bank; Barclays/American Businesscredit, Inc., a Corporation; Public Loqan Company, Inc., a Corporation; Morris Cofman; MXC Holdings, Ltd., a Corporation; Arthur Mason; Leff & Mason, a Partnership; and Friedman & Shaftan, P.C. a Professional Corporation, Federal Savings and Loan Insurance Corporation, as receiver for Tri-County Savings and Loan Association.

United States Court of Appeals, Third Circuit.

Decided July 22, 1988.

Rehearing and Rehearing Denied August 29, 1988.

Attorney(s) appearing for the Case

Kenneth N. Laptook, Kimmelman, Wolff & Samson, Roseland, N.J., Marcus E. Crahan, Jr., Crahan, Javelera, Ver Halen & Aull, Los Angeles, Cal., for appellants.

Mark F. Hughes, Jr., Robinson, Wayne, Levin, Riccio & LaSala, Newark, N.J., Richard E. Moot, Moot & Sprague, Buffalo, N.Y., Robert B. Fiske, Jr., Davis Polk & Wardwell, New York City, for appellee Empire of America Federal Sav. Bank.

Before GIBBONS, Chief Judge, GREENBERG and WEIS, Circuit Judges.

Submitted Pursuant To Third Circuit Rule 12(6) May 10, 1988.

Rehearing and Rehearing In Banc Denied August 29, 1988.

OPINION OF THE COURT

WEIS, Circuit Judge.

The district court entered summary judgments in favor of the purported indorsee of promissory notes and certified a controlling question of law pursuant to 28 U.S.C. § 1292(b). The issue presented on this appeal is whether a good faith purchaser is a holder in due course of promissory...

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