Heritage Bank v. Bruha
Supreme Court of Nebraska
812 N.W.2d 260 (2012)
Bruha (defendant) signed a promissory note for a revolving line of credit up to $75,000 with Sherman County Bank (Sherman); after Sherman failed, the FDIC took over as receiver and later sold Bruha's note to Heritage Bank (Heritage) (plaintiff), which sued to enforce it. Bruha argued Heritage wasn't a holder in due course and that Sherman had fraudulently induced him into risky investments by understating the potential losses. The district court agreed Heritage wasn't a holder in due course but rejected Bruha's fraud defense and granted Heritage summary judgment as the FDIC's assignee; Bruha appealed.
Whether an agreement that would diminish or defeat the FDIC's interest in an acquired asset is enforceable against the FDIC (and its assignees) absent proof it was in writing, signed by the bank and obligor at acquisition, approved by the FDIC's board, and made an official FDIC record.