Federal Deposit Insurance Corp. V. Hatmaker

This appeal involves a promissory note in the amount of $60,207.00 executed by Charles Hatmaker to the City and County Bank of Campbell County, Tennessee. The FDIC, in its corporate capacity, acquired the note and is now attempting to enforce the collection. Hatmaker raised a number of defenses to enforcement, including fraud in the inducement, unjust enrichment, estoppel, laches, and failure of consideration. The magistrate who tried the case granted summary judgment to the FDIC on all of these defenses except failure of consideration, and that issue was submitted to a jury. Rejecting the failure of consideration defense, the jury awarded the FDIC the amount of the note plus interest. Hatmaker now appeals, claiming error in the granting of summary judgment on the fraud in the inducement defense and alleging that there was no substantial evidence to support the jury's verdict.