In Re Southern Industrial Banking Corporation, Debtor. Thomas Duvoisin, Liquidating Trustee, and Bank of Commerce, Intervening v. Emmett J. Foster

U.S. Court of Appeals, Sixth Circuit · Decided 1987-01-22

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JOHN W. PECK, Senior Circuit Judge. On March 22, 1982 defendant-appellant Emmett J. Foster paid $400,000 to Southern Industrial Banking Corporation (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, execu…

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