FEDERAL DEPOSIT INS. CO. v. O'NEIL

Nos. 86-1694, 86-1766.

809 F.2d 350 (1987)

FEDERAL DEPOSIT INSURANCE CORPORATION, Intervening Plaintiff-Appellee, Cross-Appellant, v. Robert L. O'NEIL, Henry D. Paschen, Jr., William J. Harte, and Edward T. Joyce, Intervening Defendants-Appellants, Cross-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided January 6, 1987.

Rehearing Denied January 30, 1987.


Attorney(s) appearing for the Case

Richard J. Prendergast, Richard J. Prendergast, Ltd., Chicago, Ill., for intervening defendants-appellants, cross-appellees.

Stephen M. Murray, Lord, Bissel & Brook, Chicago, Ill., for intervening plaintiff-appellee, cross-appellant.

Before WOOD and POSNER, Circuit Judges, and ESCHBACH, Senior Circuit Judge.


POSNER, Circuit Judge.

This appeal requires us to interpret 12 U.S.C. § 1823(e), which provides in relevant part that

No agreement which tends to diminish or defeat the right, title or interest of the [Federal Deposit Insurance] Corporation in any asset acquired by it under this section, either as security for a loan or by purchase, shall be valid against the Corporation unless such agreement (1) shall be in writing, (2) shall have been executed by the...

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