First American Savings Bank v. Westside Federal Savings & Loan Ass'n

ORDER ON MOTIONS

COUGHENOUR, District Judge.

THIS MATTER comes before the Court on a number of cross-motions by plaintiffs and the Federal Savings and Loan Insurance Corporation (hereinafter “FSLIC”). Having considered the pleadings, memoranda in support of the respective motions, the oral argument of the parties, and the record herein, the Court finds and concludes as follows:

This civil case arises out of a $9 million construction loan in which defendant West-side sold participating interests to plaintiffs. In June, 1983, First American Savings Bank and Security Savings Bank each entered into…