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Contracts Keyed to Barnett
Federal Deposit Insurance Corp. v. Barness
Citation:
United States District Court, Eastern District of Pennsylvania, 484 F. Supp. 1134 (1980)Facts
Barness executed a promissory note in the amount of $64,835 to the Centennial Bank, of which he was a major shareholder. The bank was closed by the State of Pennsylvania, and the note therefore came into possession of the FDIC. Barness claimed that he signed the note to aid Centennial so that it could satisfy HUD’s loan guaranty requirements for a construction project that the bank was financing and that he received no benefit in return. Barness therefore alleged that there was no consideration. FDIC stated that the defense of no consideration was precluded by the Uniform Written Obligations Act, and that the Act governed the promissory note due to the following language constituting an “additional express statement“: “the Undersigned… promises to pay to the order of Centennial Bank…”
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