Federal Deposit Insurance Corp. v. Culver
United States District Court for the District of Kansas
640 F. Supp. 725 (1986)
- Written by Mary Pfotenhauer, JD
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
Issue
Holding and Reasoning (O’Connor, C.J.)
What to do next…
Here's why 804,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.
