FEDERAL DEPOSIT INS. CORP. v. CARDINAL RESOURCES

Civ. A. No. 86-116.

724 F.Supp. 466 (1989)

FEDERAL DEPOSIT INSURANCE CORP., Plaintiff, v. CARDINAL RESOURCES INC., et al., Defendants.

United States District Court, E.D. Kentucky, London Division.

January 4, 1989.


Attorney(s) appearing for the Case

Marcus P. McGraw, Danny C. Reeves, James C. Mauch all of the law firm Greenebaum, Doll & McDonald, Lexington, Ky., for plaintiff.

Ken H. Gilliam of Hamm, Milby & Ridings, London, Ky., J.P. Cline of Cline & Edens, Middlesboro, Ky., Thomas E. Roma, Jr., Lexington, Ky., John S. Turner, Winchester, Ky., for defendants.


MEMORANDUM

SILER, Chief Judge.

This matter arises upon cross-motions for summary judgment by defendants Cumberland Valley National Bank ("Cumberland") and Utica Mutual Insurance Company ("Utica"). The parties are engaged in a priority dispute over a number of Certificates of Deposit ("CD's"), assigned to Utica but held by Cumberland. For the following reasons, Utica's motion will be granted, and Cumberland's motion will be denied.

In 1982, Cumberland...

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