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RESOLUTION TRUST CORP. v. MONTROSS

No. 90-1510.

944 F.2d 227 (1991)

RESOLUTION TRUST CORPORATION as Conservator for Sunbelt Federal Savings, FSB, Plaintiff-Appellee, v. George Michael MONTROSS, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

October 9, 1991.

Attorney(s) appearing for the Case

Marc S. Culp, Virginia W. Pennington, Sheehan, Young & Culp, Dallas, Tex., for defendant-appellant.

Barry A. Brown, Houston, Tex., for amicus curiae, Los Campeones, Inc.

Robert D. Daniel, Hirsch & Westheimer, Houston, Tex., for amicus curiae, NCNB Texas Nat. Bank.

Richard J. Osterman, Jr., Atty., J. Scott Watson, Sr. Atty., John P. Parker, Sr. Atty., Washington, D.C., for amicus curiae, FDIC.

William S. Montgomery, Houston, Tex., for amicus curiae, Montgomery & Montgomery.

Thomas E. Kurth, John Edwards, Jeffrey S. Rosenblum, Haynes & Boone, Dallas, Tex., for Resolution Trust Corp.

Before REAVLEY, POLITZ, KING, JOLLY, DAVIS, SMITH, DUHE, WIENER and EMILIO M. GARZA, Circuit Judges.

PER CURIAM:

The panel held that the federal holder in due course status of Sunbelt Savings, transferee of the notes from the Federal Savings and Loan Insurance Corporation as receiver for the insolvent former Sunbelt Savings, does not protect Sunbelt from personal defenses of the maker of a promissory note which was not negotiable from its inception. The panel opinion at 923 F.2d 353 is reinstated, except that we take no position...

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