Federal Deposit Insurance Corp. v. Culver

Gary Culver (defendant) received $30,000 from a business associate who had borrowed the money from his bank, and Culver believed the associate -- not Culver -- would repay it. A bank representative later presented Culver with a document, told him it was merely a receipt for the $30,000, and Culver signed it without reading its actual terms; in fact it was a promissory note, and the maturity date, principal, and interest rate were all left blank at signing, later filled in with a $50,000 principal. After the bank failed, the FDIC (plaintiff) acquired the note as the bank's successor and sued Culver, who raised a fraud-in-the-factum defense; the FDIC moved for summary judgment.