Legal Opinion
Federal Deposit Insurance v. Leach
Court of Appeals for the Sixth Circuit
Decided September 11, 1985No. Nos. 82-1003,1034 and 1084PublishedCited by 1 opinion
1Opinion of the Court
ENGEL, Circuit Judge.
This appeal involves the scope of immunity from certain state law defenses enjoyed by the Federal Deposit Insurance Corporation (FDIC) on promissory notes purchased from an insolvent state bank in the execution of a purchase and assumption transaction. Specifically, we must decide whether the FDIC, in its corporate capacity, is subject to the defenses of usury and failure of consideration, defenses which concededly the makers could have asserted against the bank had it tried to collect on the notes.
I. Facts
In late 1973 and early 1974, Outdoor Resorts of America, Inc.…
Also in this document: Concurrence.
2Cases cited8 opinions
- D'Oench, Duhme & Co. v. Federal Deposit InsuranceSupreme Court of the United States · 1942
- Fed. Sec. L. Rep. P 98,654 William L. Gunter and Camille S. Gunter v. Theodore M. HutchesonCourt of Appeals for the Eleventh Circuit · 1982
- Federal Deposit Insurance Corporation, in Its Corporate Capacity v. Richard M. WoodCourt of Appeals for the Sixth Circuit · 1985
- Federal Deposit Insurance Corporation v. The Merchants National Bank of MobileCourt of Appeals for the Eleventh Circuit · 1984
- Fed. Sec. L. Rep. P 98,300 Seymour Gilman and Wife, Rosalind K. Gilman, Cross-Appellants v. Federal Deposit Insurance Corporation, Cross-AppelleeCourt of Appeals for the Sixth Circuit · 1981
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3Cited by1 opinion
- Federal Deposit Insurance Corporation v. Marian G. LeachCourt of Appeals for the Sixth Circuit · 1985