Sunbelt Savings Fsb, Dallas v. Amrecorp Realty Corp.

FITZWATER, District Judge:

This appeal from a discovery order entered by the U.S. Magistrate presents the underlying substantive question whether the Federal Savings and Loan Insurance Corporation (“FSLIC”), in its capacity as receiver, is entitled to status as a holder in due course when it acquires an asset of a failed institution and engages in a purchase and assumption transaction.

I

The Federal Deposit Insurance Corporation (“FDIC”) — in its capacity as Receiver for Sunbelt Savings Association of Texas (“Old Sunbelt”) — and Sunbelt Savings, FSB (“New Sunbelt”) appeal the October 10, 1989…