Federal Deposit Insurance Corp. v. Hadid
United States Court of Appeals for the Fourth Circuit
947 F.2d 1153 (1991)
- Written by Mary Pfotenhauer, JD
Facts
The National Bank of Washington (NBW) (plaintiff) provided two loans, one to Keystone Financial Corporation (Keystone) and the other to P.S. Investment Co., Inc. NBW agreed to restructure the loans if Mohammed Hadid (defendant) provided guarantees on the loans. The terms for the restructuring of the loans were set out in two written renewal and extension agreements. The agreement for the Keystone loan provided that it was secured by a pledge of common stock in McDowell Enterprises, Inc. (McDowell). NBW sued to enforce the notes and guarantees. Hadid argued that he and NBW had entered into an oral agreement, under which he would either be given control over the McDowell stock or his guarantees would be void. The jury returned a verdict in Hadid’s favor. The district court granted NBW’s motion for judgment notwithstanding the verdict and entered judgment against Hadid for the amount of the notes, plus attorney’s fees. The Federal Deposit Insurance Corporation (FDIC) was substituted in the action after NBW was declared insolvent. Hadid appealed.
Rule of Law
Issue
Holding and Reasoning (Niemeyer, J.)
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