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PORRAS v. PETROPLEX SAV. ASS'N

No. 89-1796.

903 F.2d 379 (1990)

I. David PORRAS, a/k/a David C. Porras, Plaintiff-Appellant, and William H. Edmiston, Intervening Plaintiff-Appellant, v. PETROPLEX SAVINGS ASSOCIATION, et al., Defendants, Olney Savings Association, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

June 14, 1990.

Attorney(s) appearing for the Case

J. Michael Cunningham, Brockett, Cunningham & Bates, Midland, Tex., for plaintiff-appellant.

Franklin H. McCallum, Jr., Hinkle, Cox, Eaton, Coffield & Hensley, Midland, Tex., for defendant-appellee.

Before GOLDBERG, REAVLEY and HIGGINBOTHAM, Circuit Judges.

REAVLEY, Circuit Judge:

We affirm the judgment for Olney Savings Association on the ground that the D'Oench, Duhme doctrine, which protects the Federal Savings and Loan Insurance Corporation (FSLIC) from unwritten side agreements that tend to diminish the value of a facially valid instrument, continues that protection to a subsequent purchaser from the FSLIC of the assets of a failed institution.

I.

In 1983 and 1984, appellant I. David Porras...

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