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Federal Deposit Insurance Corp. v. Culver

United States District Court for the District of Kansas
640 F. Supp. 725 (1986)


Facts

Gary Culver (defendant) received $30,000 from Nasib Kalliel, a business associate, who had obtained the money through a loan from Kalliel’s bank (the bank). Culver believed that Kalliel would be responsible for repaying the bank. A bank representative later approached Culver with a document for signature. The bank representative told Culver that the document was a receipt for the $30,000, and Culver signed the document. In fact, the document was a promissory note. When Culver signed the note, key terms such as the maturity date, principal amount, and interest rate were all left blank. These terms were completed later and included a principal amount of $50,000. The bank became insolvent, and the Federal Deposit Insurance Corporation (FDIC) (plaintiff) purchased the bank’s assets, including the promissory note. The FDIC brought an action against Culver, who asserted a defense of fraud in the factum. The FDIC moved for summary judgment.

Rule of Law

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Issue

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Holding and Reasoning (O’Connor, C.J.)

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  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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