Donald E. Belsky v. First National Life Insurance Company, a Nebraska Corporation Federal Deposit Insurance Corporation

JOHN R. GIBSON, Circuit Judge.

This appeal arises out of the insolvency and closing of the Bank of Cody and the Federal Deposit Insurance Corporation’s (FDIC) acquisition of the Bank’s assets as authorized by 12 U.S.C. § 1823(c)(2) (1982). Donald Belsky, the president of the Bank, brought an action against First National Life Insurance Company and the FDIC seeking a declaration of his rights to a life insurance policy owned by the Bank and an injunction preventing First National from paying the surrender value of the policy to the FDIC. Belsky claimed that the policy was an asset of the Bank’s…