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IN RE FIRST PENN CORP.

No. 85-1574.

793 F.2d 270 (1986)

In re FIRST PENN CORPORATION, Debtor, Kenneth L. SPEARS, Trustee for First Penn Corporation, Plaintiff-Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of Penn Square Bank, N.A., Defendant-Appellee.

United States Court of Appeals, Tenth Circuit.

June 26, 1986.

Attorney(s) appearing for the Case

Joe L. Heaton (David Pomeroy, of Fuller, Tubb & Pomeroy, with him on brief), Oklahoma City, Okl., for plaintiff-appellant.

Christopher Byrne, Sr. Atty., Federal Deposit Ins. Corp., Washington, D.C. (V. Burns Hargis and Ross A. Plourde of Reynolds, Ridings & Hargis, Oklahoma City, Okl., with him on brief), for defendant-appellee.

Before LOGAN and BALDOCK, Circuit Judges, and SAFFELS, District Judge.

LOGAN, Circuit Judge.

This appeal involves an ownership dispute over an 8.5 acre tract of land. The parties are the trustee of First Penn Corporation, the one-bank holding company for Penn Square Bank, N.A., and the Federal Deposit Insurance Corporation (FDIC) in its capacity as receiver of the bank.

Between 1974 and 1981 Penn Square owned the tract and constructed and operated a drive-in bank facility on a portion...

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