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McDOUGALD v. F.D.I.C.

Civ. A. No. 93-10559-JLT.

848 F.Supp. 1073 (1994)

Ronald J. McDOUGALD, Plaintiff, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Liquidating Agent/Receiver of Guaranty-First Trust Company, Defendant.

United States District Court, D. Massachusetts.

March 30, 1994.

Attorney(s) appearing for the Case

Ronald J. McDougald, pro se.

Paul D. Maggioni, Jr., F.D.I.C., Legal Div., Westborough, MA, for defendant.

MEMORANDUM

TAURO, Chief Judge.

I.

Background

In December 1988, plaintiff Ronald McDougald, trustee for AMT Trust, sold land in Quincy, Massachusetts (the "Property") to John E. Sullivan, trustee for Merrymount Realty Trust ("Merrymount"). To finance the purchase of the land and the development of condominiums on the Property, Merrymount borrowed $3.75 million from Guaranty-First Trust Company ("Guaranty"), and granted Guaranty...

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