Tri-Continent International Corp. v. Paris Savings & Loan Ass'n

Opinion

WIENER, Acting P. J.

This case involves plaintiff Tri-Continent International Corporation’s (Tri-Continent) attempt to buy unimproved land from defendant Paris Savings and Loan Association (Paris), later declared insolvent. Tri-Continent appeals the summary judgment in favor of defendants American Federal Bank, F.S.B. (American Federal) and the Federal Deposit Insurance Corporation (FDIC) as receiver for Paris. Central to Tri-Continent’s appellate arguments is its challenge to the power of the FDIC, as receiver for Paris, to repudiate the real estate contract at issue. As will be seen…