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Commercial – Court Rejects Claim of Note Cancellation (access required)

FDIC v. CashionA borrower who executed a promissory note to a North Carolina bank cannot overturn summary judgment for the Federal Deposit Insurance Corporation, the bank’s receiver suing to recover on the notes, by arguing that his production of an IRS 1099-C Form alone raised a fact issue that the note had been cancelled or assigned; the 4th Circuit panel splits 2-1 on this issue of first impression in the federal appellate courts.

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