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IN RE INDEPENDENT BANKGROUP, INC.

Bankruptcy No. 94-10409-FGC, Adversary No. 95-1080.

217 B.R. 442 (1998)

In re INDEPENDENT BANKGROUP, INC., Debtor. INDEPENDENT BANKGROUP, INC., Plaintiff, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as receiver of First National Bank of Vermont d/b/a First National Bank of Vermont and the Internal Revenue Service, Defendants.

United States Bankruptcy Court. D. Vermont.

February 20, 1998.

Attorney(s) appearing for the Case

F.M. Cadigan, P.D. Maggioni, Jr., Federal Deposit Insurance Corp. (FDIC) Legal Division, for F.D.I.C.

J.T. Schwidde, Glinka & Schwidde, Rutland, VT, Ronald H. Sinzheimer, Albany, NY, for Independent BankGroup (IBG).

MEMORANDUM OF DECISION GRANTING FDIC AND DENYING DEBTOR SUMMARY JUDGMENT

FRANCIS G. CONRAD, Bankruptcy Judge.

The parties' Cross Motions for Summary Judgment require us to decide1 whether a $4 million tax refund belongs to IBG or to FDIC. We hold, for the reasons that follow, that it belongs to FDIC.

FACTUAL AND PROCEDURAL BACKGROUND

IBG was a Vermont Corporation engaged in the business of operating...

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