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F.D.I.C. v. SATHER

No. C9-90-2010.

488 N.W.2d 260 (1992)

FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of Citizens State Bank of Fulda, Petitioner, Appellant, v. Duane K. SATHER, Respondent.

Supreme Court of Minnesota.

August 14, 1992.

Attorney(s) appearing for the Case

Brian E. Palmer and Thomas O. Kelly, III, Dorsey & Whitney, Minneapolis, for appellant.

Charles Quaintance, Jr., David F. Herr, Virginia A. Bell, and Richard A. Kempf, Maslon, Edelman, Borman & Brand, Minneapolis, for respondent.

Heard, considered and decided by the Court en banc.

WAHL, Justice.

The primary issue before us in this case is the applicability of the federal common law D'Oench, Duhme doctrine which protects the Federal Deposit Insurance Corporation when it takes over the assets of failed banks by barring the defenses of borrowers who have "lent [themselves] to a scheme" which resulted in the misstatement of the banks' assets.1 Also at issue is the applicability of 12 U.S.C. § 1823(e).

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