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FINKIELSTAIN v. SEIDEL

No. 1188, Docket 88-7174.

857 F.2d 893 (1988)

Jacobo FINKIELSTAIN, Plaintiff-Appellee, v. Julian M. SEIDEL, Defendant, First Maryland Savings & Loan, Inc. and Maryland Deposit Insurance Fund Corp., as Receiver for First Maryland Savings & Loan, Inc., Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided September 8, 1988.

Attorney(s) appearing for the Case

Sheila Mosmiller Vidmar, Baltimore, Md. (Francis B. Burch, Jr., John D. Corse, Piper & Marbury, Baltimore, Md., Shereff, Friedman, Hoffman & Goodman, New York City, of counsel), for defendants-appellants.

William M. Pinzler, New York City (Susan I. Matejcak, Ross & Hardies, New York City, of counsel), for plaintiff-appellee.

Before VAN GRAAFEILAND and MAHONEY, Circuit Judges, and METZNER, Senior District Judge.

METZNER, Senior District Judge:

Jacobo Finkielstain instituted this action to rescind two loan agreements between himself and First Maryland Savings & Loan, Inc. (First Maryland). After entry into these transactions, First Maryland was placed in receivership under Maryland law which provided that the Maryland Deposit Insurance Fund Corp. (MDIF) shall be appointed receiver of any savings and loan association being operated in an unsafe and unsound manner.

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