First Bank National Ass'n v. Federal Deposit Insurance Corp.

OPINION OF THE COURT

GREENBERG, Circuit Judge.

This appeal requires us to decide a narrow issue: under what circumstances, if any, is the FDIC required to pay the cost of lease-mandated structural repairs and modifications to a building when it acts as a receiver for a failed lessee-thrift and disaffirms its lease under FIRREA? To decide this issue, we must construe 12 U.S.C. § 1821(e)(4), the provision of FIRREA that sets forth the FDIC’s obligations when it disaffirms leases. Because we believe that the FDIC’s liability for “unpaid rent” under FIRREA includes the costs of the structural…