Legal Opinion
Downriver Community Federal Credit Union v. Penn Square Bank ex rel. Federal Deposit Insurance
Court of Appeals for the Tenth Circuit
Decided July 3, 1989No. Nos. 87-1648, 87-1649 and 87-1707PublishedCited by 1 opinion
1Opinion of the Court
TACHA, Circuit Judge.
This appeal arises from a dispute between certain uninsured depositors in the insolvent Penn Square Bank, N.A. (PSB), and the Federal Deposit Insurance Corporation (FDIC), in its capacity as receiver, over the priority of the depositors’ claims against the insolvent bank’s assets. The district court found that PSB fraudulently induced the plaintiffs to deposit funds through issuing financial statements that were materially misleading as to PSB’s financial condition. In the remedy phase of the trial, the district court imposed a constructive trust upon PSB’s assets in…
2Cases cited38 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- D'Oench, Duhme & Co. v. Federal Deposit InsuranceSupreme Court of the United States · 1942
- Silkwood v. Kerr-McGee Corp.Supreme Court of the United States · 1984
- Scott v. ArmstrongSupreme Court of the United States · 1892
- Davis v. Elmira Savings BankSupreme Court of the United States · 1896
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3Cited by1 opinion
- Downriver Community Federal Credit Union v. Penn Square Bank, Through Its Receiver, Federal Deposit Insurance Corporation, Wood Products Credit Union, Plaintiff-Appellant/cross-Appellee v. Penn Square Bank, Through Its Receiver, Federal Deposit Insurance Corporation, Defendant-Appellee/cross-AppellantCourt of Appeals for the Tenth Circuit · 1989