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SILVA BROS. INV. INC. v. F.D.I.C.

No. 94-11047.

894 F.Supp. 42 (1995)

SILVA BROTHERS INVESTMENT INC., Plaintiff, v. FEDERAL DEPOSIT INSURANCE CORPORATION, and New Bank of New England, Defendants.

United States District Court, D. Massachusetts.

July 14, 1995.

Attorney(s) appearing for the Case

James S. Timmins, Patsos & Timmins, Quincy, MA, for plaintiff.

Clark van der Velde, FDIC Legal Services, Boston, MA, for defendant FDIC.

LASKER, District Judge.

In 1985, Silva Brothers Investment borrowed $750,000 from Security National Bank. To secure the loan, Silva Brothers assigned a mortgage — of which it the owner — to the bank. It was agreed that once Silva Brothers repaid the loan, the mortgage would be reassigned to Silva Brothers. While the loan was in repayment, Security National failed. The FDIC appointed a bridge bank, New Bank of New England (New Bank), to continue the affairs...

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