Dennis Joslin Co. v. Robinson Broadcasting Corp.
United States District Court for the District of Columbia
977 F. Supp. 491 (1997)
- Written by Sean Carroll, JD
Facts
In 1985, Robinson Broadcasting Corporation (Robinson) (defendant) issued a promissory note in exchange for a loan from Madison National Bank (Madison). The Federal Deposit Insurance Corporation (FDIC) took possession of the note when it became receiver for Madison. FDIC later sold the note to 4M Communications. In March 1997, FDIC informed 4M Communications that it had lost the note. Subsequently, 4M Communications sold its interest in the note to Dennis Joslin Company (Joslin) (plaintiff). Joslin sued Robinson to recover an unpaid balance on the note. Robinson filed a motion to dismiss the complaint for failure to state a claim, alleging that Joslin was not entitled to enforce the note because the note was not in Joslin’s possession when it was lost.
Rule of Law
Issue
Holding and Reasoning (Friedman, J.)
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