PUBLIC LOAN CO. v. FEDERAL DEPOSIT INS. CORP.

No. 86-5047.

803 F.2d 82 (1986)

PUBLIC LOAN COMPANY, INC., a Corporation of the State of New York; Preferred Equities Corporation, a Corporation of the State of Nevada; Leonard Rosen; and American Funding Limited, a Limited Partnership of the State of New Jersey, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Defendant and Third Party Plaintiff, v. EQUITY 1 NATIONAL MARKETING, INC., a body corporate of the State of Florida, Third Party Defendant. Appeal of PUBLIC LOAN COMPANY, INC., Preferred Equities Corporation, Leonard Rosen, and American Funding Limited.

United States Court of Appeals, Third Circuit.

Decided October 7, 1986.


Attorney(s) appearing for the Case

Harvey I. Marcus, Keith O. Evans (argued), Marcus and Evans, Lodi, N.J., for appellants.

Roger J. Foss (argued), Cassidy, Despo, Foss & San Filippo, Red Bank, N.J., Lawrence F. Bates, Jane R. Rossnowski, Ira H. Parker, Federal Deposit Ins. Corp., Washington, D.C., for FDIC.

Before ALDISERT, Chief Judge, and HIGGINBOTHAM and HUNTER, Circuit Judges.


OPINION OF THE COURT

ALDISERT, Chief Judge.

This appeal from summary judgment entered in favor of Federal Deposit Insurance Corporation (FDIC) requires us to decide whether a provision of the Federal Deposit Insurance Act, 12 U.S.C. § 1823(e),1 bars the defense of an oral accord and satisfaction in a claim on a promissory note and whether the maker and guarantors of a second...

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