New York Supreme Court June 12, 1981 (Federal Deposit Insurance v. Forte)

OPINION OF THE COURT

Bernard F. McCaffrey, J.

The threshold question to be determined on this motion for a deficiency judgment is — do the provisions of RPAPL 1371 apply to the Federal Deposit Insurance Corporation (FDIC) in its capacity as the liquidator-assignee of the obligations of an insolvent bank?

There appears to be little or no Federal or State law directly on this point.