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F.D.I.C. v. PANELFAB PUERTO RICO, INC.

No. 83-1823.

739 F.2d 26 (1984)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff, Appellant, v. PANELFAB PUERTO RICO, INC., et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided July 25, 1984.

Attorney(s) appearing for the Case

John David Ferrer, Rio Piedras, P.R., with whom Thomas A. Brooks, Thomas A. Rose, Washington, D.C., Gonzalez & Alonso, and Raul E. Gonzalez Diaz, Hato Rey, P.R., were on brief, for appellant.

Nancy Pujals, Hato Rey, P.R., with whom Luis R. Mellado, and Mellado, Mellado & Hernandez, Hato Rey, P.R., were on brief, for appellees.

Before CAMPBELL, Chief Judge, BREYER, Circuit Judge, and PETTINE, Senior District Judge.

PETTINE, Senior District Judge.

On March 31, 1978, the Secretary of the Treasury of the Commonwealth of Puerto Rico determined that the Banco Credito y Ahorro Ponceno (the Bank) was insolvent, ordered the Bank closed, and appointed the Federal Deposit Insurance Corporation (FDIC) as the Bank's receiver. Pursuant to 12 U.S.C. § 1823(c), the FDIC purchased certain assets of the Bank, including a promissory note executed...

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