United States First Circuit

Summary judgment for plaintiff in a collection action stemming from defendants' default on a $700,000 loan, and dismissal of defendants' counterclaim are affirmed, where: 1) because defendants have not produced any written evidence that their obligation to pay the line-of-credit debt was conditioned on the Bank's provision of financing to the third party, and they do not contest that their debt is due and payable, they have failed to identify a material fact affecting their obligation that remains in dispute; and 2) regardless of the merits of the counterclaim, it is blocked by the FDIC's determination that the Bank has insufficient assets to pay any judgment in favor of general unsecured creditors.

Appellate Information

• Decided 07/03/2013
• Published 07/03/2013

Judges

• LIPEZ

Court

• United States First Circuit

Counsel