Southern Industrial Realty, Inc., Plaintiff, Appellant, v. William J. Noe, et al., Defendants, Appellees, 814 F.2d 1 (1st Cir. 1987)

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U.S. Court of Appeals for the First Circuit - 814 F.2d 1 (1st Cir. 1987) Submitted Oct. 10, 1986. Decided March 4, 1987

Julio M. Rodriguez and Fiddler, Gonzalez & Rodriguez, San Juan, P.R., on brief for plaintiff, appellant.

Stanley L. Feldstein, Feldstein, Gelpi, Hernandez & Gotay, Old San Juan, P.R., Michael B. Burgee, Deputy General Counsel, Washington, D.C., Rae Schupack, Regional Counsel, New York City, and John David Ferrer, Sr. Atty., Santurce, P.R., on brief for appellee Federal Deposit Ins. Corp.

Before COFFIN, BOWNES and BREYER, Circuit Judges.


Since the FDIC has a complete defense to state and common law fraud claims on a note it acquired for value, in good faith, and without actual knowledge of fraud at the time of acquisition, Gunter v. Hutcheson, 674 F.2d 862 (11th Cir.), cert. denied, 459 U.S. 826, 103 S. Ct. 60, 74 L. Ed. 2d 63 (1982); Gilman v. Federal Deposit Insurance Corp., 660 F.2d 688 (6th Cir. 1981), we affirm the judgment of the district court for the reasons stated in the district court's August 31, 1983 Opinion and Order and January 29, 1986, 628 F. Supp. 92, Memorandum Opinion and Order of Judgment.