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FEDERAL DEPOSIT INS. CORP. v. LEACH

Nos. 82-1003, 1034 and 1084.

772 F.2d 1262 (1985)

FEDERAL DEPOSIT INSURANCE CORPORATION, a corporation organized and existing under the laws of the United States of America, Plaintiff-Appellee, v. Marian G. LEACH and Alexander Bartneck, (82-1003/1084), Defendants-Appellants, Outdoor Resorts of America, Inc., and E. Randall Henderson, Jr., (82-1034), Defendants-Appellants.

United States Court of Appeals, Sixth Circuit.

Decided September 11, 1985.

Rehearing and Rehearing Denied November 20, 1985.

Attorney(s) appearing for the Case

Larry G. Sharp, argued, Wood & Wood, Farmington Hills, Mich., for Marian G. Leach and Alexander Bartneck.

Larry E. Powe, argued, Freeman, McKenzie & Matthews, Mt. Clemens, Mich., for Federal Deposit Ins. Corp.

Richard B. Tomlinson, argued, Cross, Wrock, Miller & Vieson, Detroit, Mich., for Outdoor Resorts of America, Inc. and E. Randall Henderson, Jr.

Before ENGEL and MERRITT, Circuit Judges, and MORTON, District Judge.

Rehearing and Rehearing En Banc Denied November 20, 1985 in Nos. 82-1003 and 82-1084.

ENGEL, Circuit Judge.

This appeal involves the scope of immunity from certain state law defenses enjoyed by the Federal Deposit Insurance Corporation (FDIC) on promissory notes purchased from an insolvent state bank in the execution of a purchase and assumption transaction. Specifically, we must decide whether the FDIC, in its corporate capacity, is subject to the defenses...

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