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FDIC v. PROJECTS AMERICAN CORP.

No. 6-91-098-CV.

828 S.W.2d 771 (1992)

FEDERAL DEPOSIT INSURANCE COPORATION, Receiver for Western Bank-Westheimer, Appellant, v. PROJECTS AMERICAN CORPORTION, Charles M. Rawson and Jim Rawson, Individually and as Trustees for Projects American Corporation Employee Pension Plan, Appellees.

Court of Appeals of Texas, Texarkana.

Rehearing Denied April 28, 1992.

Attorney(s) appearing for the Case

Douglas W. Alexander, Brown, Maroney & Oaks Hartline, Austin, Charles L. Cope, II, Marta W. Berkley, Federal Deposit Insurance Corp., Washington, D.C., for appellant.

Jon M. Stautberg, Houston, for appellees.

Before CORNELIUS, C.J., and BLEIL and GRANT, JJ.

OPINION

CORNELIUS, Chief Justice.

The Federal Deposit Insurance Corporation (FDIC) appeals from a declaratory judgment granting Projects American Corporation (PAC), and others, an offset of a note against an uninsured deposit. We reverse and render judgment.

In November 1983, Western Bank-Westheimer lent PAC the funds to set up a qualifying defined benefit pension plan for PAC's officers and employees. The note was secured by certain corporate assets...

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