Fed. Sec. L. Rep. P 98,300 Seymour Gilman and Wife, Rosalind K. Gilman, Cross-Appellants v. Federal Deposit Insurance Corporation, Cross-Appellee

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that when FDIC acquired a note in good faith, for value, and without actual knowledge that the note was executed in violation of the securities laws, the FDIC took the note free from securities law fraud claims
• “The language and legislative history of section 7 convince us that Congress did not intend to create a remedy in favor of borrowers.”
• asserted that loan was void because made for purchase of stock which contravened the margin requirements of the Securities Exchange Act
• sale of note by FDIC as receiver to FDIC as corporate insurer satisfies “good faith” criterion of the innocent purchaser defense of § 29(c) of the Securities Exchange Act of 1934, 15 U.S.C. § 78cc(c)

Source: CourtListener parenthetical corpus (CC0).