Legal Opinion
Modzelewski v. Resolution Trust Corp.
Court of Appeals for the Ninth Circuit
Decided January 20, 1994No. Nos. 92-15670, 92-15865PublishedCited by 41 opinions
1Opinion of the Court
KOZINSKI, Circuit Judge:
Starting in the 1970s, MeraBank Savings and Loan offered high level employees “salary continuation agreements,” presumably to secure the most talented managers. Nonetheless, it went the way of many S & Ls this past decade. The Resolution Trust Corporation, as receiver, now refuses to honor the agreements, claiming that the right to payments terminated automatically pursuant to 12 C.F.R. § 563.39(b)(5) when the RTC took over.
I. Facts
Gene Rice devoted 35 years of service to MeraBank; Ernest Modzelewski gave 28. As executives, they signed agreements providing for 120…
2Cases cited14 opinions
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- Nachman Corp. v. Pension Benefit Guaranty CorporationSupreme Court of the United States · 1980
- Hummell v. S. E. Rykoff & Co.Court of Appeals for the Ninth Circuit · 1980
- Scott v. Gulf Oil Corp.Court of Appeals for the Ninth Circuit · 1985
- Fentron Industries, Inc. v. The National Shopmen Pension FundCourt of Appeals for the Ninth Circuit · 1982
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3Cited by41 opinions
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- Joseph C. Miller and Karen M. Miller v. Taylor Insulation Company and Jon NelsonCourt of Appeals for the Seventh Circuit · 1994
- Foster v. PPG Industries, Inc.Court of Appeals for the Tenth Circuit · 2012
- Golden Gate Restaurant v. City and County of San FranciscoCourt of Appeals for the Ninth Circuit · 2008
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