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FIRST AM. NAT. BANK-EASTERN v. F.D.I.C.

Nos. 84-6123, 85-5060.

782 F.2d 633 (1986)

FIRST AMERICAN NATIONAL BANK-EASTERN, Trustee, Plaintiff-Appellee, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Defendant-Appellant, Joseph C. Snyder, Jr., Executor of the Estate of Beulah Snyder Rose, Defendant-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided February 4, 1986.

Attorney(s) appearing for the Case

E. Reynold Davies, Jr., Nashville, Tenn., and Myers N. Fisher, argued, Asst. Gen. Counsel, F.D.I.C., Washington, D.C., for defendant-appellant.

J. Thomas Jones, argued, Bernstein, Susano & Stair, Knoxville, Tenn., for defendant-appellee.

Walter L. Price, argued, Johnson City, Tenn., for plaintiff-appellee.

Before LIVELY, Chief Judge, and MARTIN and JONES, Circuit Judges.

LIVELY, Circuit Judge.

The question for decision is whether a bank that has issued subordinated debentures may create priority for the debenture holders over depositors and other creditors of the bank by establishing a sinking fund to provide for redemption of the debentures. Construing a Tennessee statute which authorizes banks to raise capital by issuing capital notes and debentures, the district court held that the debenture holders, rather than the depositors...

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