In re the Liquidation of United American Bank in Knoxville

OPINION

DROWOTA, Justice.

This case involves numerous parties who have intervened in the pending liquidation proceedings for the United American Bank (UAB) in Knoxville.1 The only issue decided in this opinion is whether a purchase and assumption agreement entered into by the Federal Deposit Insurance Corporation (FDIC), acting both as the statutorily appointed receiver (FDIC-R) and in its corporate capacity (FDIC-C), and First Tennessee Bank (FTB) created a voidable or illegal preference under Tennessee law. The operative facts are essentially undisputed; the issue is fundamentally a question…