Federal Deposit Insurance Corporation, in Its Corporate Capacity v. Richard M. Wood

How courts have described this case

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

• federal holder in due course rule necessary because \the essence of a purchase and assumption transaction is speed\
• “Under the Negotiable Instruments Law that preceded the Code, the defenses were divided into real and personal defenses.”
• no difference to notemaker whether note transferred to holder in due course before or after bank's failure
• essence of purchase and assumption transaction is speed, and to expose FDIC to state-law defenses would create uncertainty and prevent use of the transaction
• FDIC cannot be charged with knowledge of a defense “merely because that information could be found in the bank’s files”
• asserted that liability for interest on loan extinguished since loan was usurious under state law

Source: CourtListener parenthetical corpus (CC0).