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FIRST FEDERAL SAV. & LOAN v. TWIN CITY SAV. BANK

No. 88-4261.

868 F.2d 725 (1989)

FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION, Plaintiff-Appellant, v. TWIN CITY SAVINGS BANK, FSB, and Twin City Savings Bank, FSA, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

March 17, 1989.

Attorney(s) appearing for the Case

F. Frank Fontenot, John F. Landrum, New Orleans, La., for plaintiff-appellant.

Lee Wilson, Johnny C. Moore, Baton Rouge, La., for defendants-appellees.

Before RUBIN, GARZA and KING, Circuit Judges.

ALVIN B. RUBIN, Circuit Judge:

The issue presented is whether, under the pre-1985 provisions of the Louisiana Civil Code, a contract may be rescinded for fraud when the party seeking rescission was negligent in not investigating the misrepresentations.

I.

First Federal Savings and Loan contends that Twin City Savings Bank fraudulently deceived it when Twin City sold First Federal a participation in a loan, known as the "Sea Oats" loan. First Federal...

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