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FDIC v. MUNICIPALITY OF PONCE

Nos. 89-1958, 89-2013.

904 F.2d 740 (1990)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, Appellee, v. MUNICIPALITY OF PONCE, et al., Defendants, Appellants.

United States Court of Appeals, First Circuit.

Decided May 14, 1990.

Attorney(s) appearing for the Case

Juan Rafael González-Muñoz, with whom Bauzá & Dávila, San Juan, P.R., was on brief, for defendants, appellants.

José R. Garcia-Pérez, Hato Rey, P.R., with whom González, Bennazar & Colorado, was on brief, for plaintiff, appellee.

Before TORRUELLA and SELYA, Circuit Judges, and RE, Judge.

TORRUELLA, Circuit Judge.

This is an action brought by the Federal Deposit Insurance Company ("FDIC") in its corporate capacity, as successor to the now defunct Girod Trust Company ("Girod"). The FDIC seeks to collect on certain guarantees executed by appellant, the Municipality of Ponce ("Municipality") as guarantors of loans and lines of credit to Codfish Corporation ("Codfish") and Rosado and Sons ("Rosado"). The Municipality appeals from the district court's grant...

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