Duvoisin v. Tennessee (In Re Southern Industrial Banking Corp.)

CLIVE W. BARE, Bankruptcy Judge.

At issue is whether the statute establishing the defendants’ examining and regulatory duties under the Tennessee Industrial Loan and Thrift Companies Act imposes upon defendants any actionable duty owing to the institution regulated. Tenn.Code Ann. § 45-5-101 to -504 (1980).

I

Plaintiff, as Liquidating Trustee for Southern Industrial Banking Corporation, originally commenced this adversary proceeding on January 17, 1985. In the original complaint plaintiff sought to recover over $45 million in monetary damages from both the State of Tennessee and the individual…