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FDIC v. INTERNATIONAL PROPERTY MANAGEMENT

No. 90-2828. Summary Calendar.

929 F.2d 1033 (1991)

FEDERAL DEPOSIT INSURANCE CORPORATION, as Manager for the Resolution Trust Corporation, Etc., Plaintiff-Appellee, v. INTERNATIONAL PROPERTY MANAGEMENT, INC., Defendant, and FWG Partner, Ltd., Intervenor-Appellant.

United States Court of Appeals, Fifth Circuit.

April 16, 1991.

Attorney(s) appearing for the Case

Ronald D. Law, Dilts & Law, Dallas, Tex., for intervenor-appellant.

Joseph S. Cohen, Hirsch & Westheimer, George A. Rustay, Dow, Cogburn & Friedman, Houston, Tex., for plaintiff-appellee.

Before KING, GARWOOD and DUHÉ, Circuit Judges.

KING, Circuit Judge:

The sole issue on appeal is whether, under Texas law, the assignment of rents clause at issue in this case gave the mortgagee an immediate right to rents upon the mortgagor's default. The district court granted summary judgment to the Federal Deposit Insurance Corporation (FDIC), as conservator for the mortgagee, because the unambiguous language of the assignment of rents clause automatically transferred the right to rents to the mortgagee upon...

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