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FEDERAL DEPOSIT INS. CORP. v. GRUPO GIROD CORP.

No. 88-1574.

869 F.2d 15 (1989)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, Appellee, v. GRUPO GIROD CORPORATION, et al., Defendants, Appellees. Appeal of Enrique N. VELA-COLON, Defendant.

United States Court of Appeals, First Circuit.

Decided March 8, 1989.

As Amended March 16, 1989.

Attorney(s) appearing for the Case

Carlos E. Jimenez, Old San Juan, P.R., for defendant.

Gustavo A. Gelpi, Old San Juan, P.R., with whom John David Ferrer, Burke, Va., Rae Schupack, Nancy Pujals, Hato Rey, P.R., and Feldstein, Gelpi, Hernandez & Gotay, Old San Juan, P.R., were on brief for plaintiff, appellee.

Before CAMPBELL, Chief Judge, and WISDOM, Senior Circuit Judge, and TORRUELLA, Circuit Judge.

WISDOM, Senior Circuit Judge:

This case involves the attempt of the Federal Deposit Insurance Corp. (FDIC) to collect a portion of the principal amount, plus interest, of a demand promissory note acquired by it in a purchase and assumption transaction from its insured, the Girod Trust Company (the Bank). The district court granted summary judgment in favor of the FDIC based on its finding that the FDIC, in its corporate capacity, having purchased the note from the...

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