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IN RE HESCON DEVELOPERS, INC.

Adv. No. C86-0867-H11, Related Bankruptcy No. 82-2796-P11.

81 B.R. 26 (1987)

In re HESCON DEVELOPERS, INC., a California corporation, Debtor. The OFFICIAL UNSECURED CREDITORS' COMMITTEE, for the Benefit of the ESTATE OF HESCON DEVELOPERS, INC., Plaintiff, v. CAPISTRANO NATIONAL BANK, in Receivership and the Federal Deposit Insurance Corporation as its Receiver and otherwise, Defendants.

United States Bankruptcy Court, S.D. California.

December 10, 1987.

Attorney(s) appearing for the Case

Robert L. Rentto, Robert B. Titus, Stutz, Rentto, Gallagher & Artiana, San Diego, Cal., for OCC.

Daniel D. Zahner, Newport Beach, Cal., for Capistrano Nat. Bank.

Margaret M. Mann, Luce, Forward, Hamilton & Scripps, San Diego, Cal., for Saleens.

MEMORANDUM DECISION

JOHN J. HARGROVE, Bankruptcy Judge.

I.

At issue is whether the Official Creditors' Committee ("OCC") may maintain a cause of action against the Federal Deposit Insurance Corporation ("FDIC") under Cal. Civ.Code § 3439 (West 1970) for an alleged fraudulent transfer made to Capistrano National Bank ("CNB") prior to the FDIC's appointment as receiver for CNB.

The FDIC argues that pursuant to 12 U.S.C. § 1819,...

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