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• Title: Federal Deposit Insurance Corporation v.
• Author : Supreme Court of Wisconsin
• Release Date : January 15, 1977
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 71 KB

Description

This action arises out of a claim by American City Bank & Trust Company, N. A. (hereinafter referred to as the Bank)
1 for the unpaid balance of principal and interest allegedly due under a promissory note delivered May 22, 1974, and dated
May 30, 1974, given by appellant, First Mortgage Investors, a real estate investment trust (hereinafter referred to as FMI).
The promissory note purports to be payable on demand in the principal amount of $1,000,000; no interest is stated. The Bank
moved for summary judgment. The proofs offered in support of and in opposition to the motion were affidavits by vice presidents
of the Bank and FMI. The parties agree that they entered into agreements at about the time of the execution of the note relating to interest rate,
compensating balance arrangements and prepaid interest and that these matters are not incorporated in the terms of the note.
FMI asserts that the parties agreed that the Bank would carry its loan to FMI as long as FMI paid interest due thereon on
a current basis or until such time as FMI was able to repay various banks participating in a revolving credit agreement with
FMI. The affidavit of the Bank's vice president states that he reviewed all written material in the Bank's possession or control
relating to the FMI "and has not found any reference to any of the alleged representations" relating to the extension or repayment
of the note. The trial court ordered summary judgment in favor of the Bank in the amount of $850,311.11 (principal and interest
due and owing) with interest and costs. The order granting judgment recites that the court "determined that the evidence of
an oral agreement as offered by the defendant to be both barred by the parol evidence rule and insufficient to establish a
contract." It is from this judgment that FMI appeals.

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