No. 89-2390.

906 F.2d 1087 (1990)

FEDERAL DEPOSIT INSURANCE CORPORATION, In its Capacity as Receiver of Century National Bank, Plaintiff-Appellant, v. Billy B. GOLDBERG, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied September 12, 1990.

Attorney(s) appearing for the Case

Sharon P. Silvertsen, Gregory E. Gore and Douglas W. Alexander, Washington, D.C., for Federal Deposit Ins. Corp.

Joseph A. Kornfeld and Robert A. Axelrad, Hiller, Kornfeld, Axelrad & Falik, Houston, Tex., for defendant-appellee.

Before GOLDBERG, GARWOOD and DAVIS, Circuit Judges.

GOLDBERG, Circuit Judge:

This is an action by the Federal Deposit Insurance Corp. ("FDIC"), as Receiver for Century National Bank ("CNB"), to collect on a $100,000 promissory note executed by Billy B. Goldberg ("Goldberg"), a principal shareholder and a past chairman of the failed institution. Goldberg defended this action on the ground that he had received a $100,000 credit on the note from CNB. He claimed that the credit arose from the rescission of a purchase of...

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