Federal Deposit Insurance Corp. v. Barness
United States District Court for the Eastern District of Pennsylvania
484 F. Supp. 1134 (1980)
Relevant factsFree
Barness (defendant) signed a promissory note to Centennial Bank stating that "the Undersigned...promises to pay to the order of Centennial Bank." After Centennial Bank closed, the FDIC (plaintiff) acquired the note and sued to enforce it. Barness argued the note lacked consideration and so could not be enforced absent some additional showing that he intended to be legally bound.
IssueFree
Whether an agreement that lacks consideration is enforceable under the Uniform Written Obligations Act merely because it contains a bare statement that the signer promises to pay money.