[Download] "In Re Southern Industrial Banking Corp." by United States Court Of Appeals For The Sixth Circuit " eBook PDF Kindle ePub Free
eBook details
- Title: In Re Southern Industrial Banking Corp.
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 22, 1987
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
On March 22, 1982 defendant-appellant Emmett J. Foster paid $400,000 to Southern Industrial Banking Corporating (SIBC) for four investment Certificate Securities (Certificates). These Certificates were scheduled to mature on March 22, 1983, with accrued interest of $66,000. On February 4, 1983, Foster took out a $470,000 loan from SIBC, executing promissory note (Note ) to SIBC for $480,956.02 (principle plus interest and service charges), with the Certificates held as collateral. The Note was scheduled to be due on March 22, 1983, the same date that the Certificates were to mature. On March 10, 1983 SIBC filed a voluntary Chapter 11 petition in bankruptcy.