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F.D.I.C. v. LEWIS

No. 93-3076.

21 F.3d 89 (1994)

FEDERAL DEPOSIT INSURANCE CORP. in its Corporate Capacity as an instrumentality of the United States, Plaintiff-Appellee, Cross-Appellant, v. Arthur C. LEWIS, III, et al., Defendants, Patricia Ann Williams and Marguerite Lewis Landry, Defendants-Appellants Cross-Appellees.

United States Court of Appeals, Fifth Circuit.

May 6, 1994.

Attorney(s) appearing for the Case

Sylvan J. Steinberg, Bronfin & Heller, New Orleans, LA, for Williams.

Patrick F. McGrew, Baton Rouge, LA, for Landry.

Phillip K. Jones, Jr., Dena L. Olivier, Liskow & Lewis, New Orleans, LA, for appellee.

Before REAVLEY, GARWOOD, and HIGGINBOTHAM, Circuit Judges.

PATRICK E. HIGGINBOTHAM, Circuit Judge:

The FDIC in this case pursues assets of a terminated trust now in the hands of trust beneficiaries. We hold that under Louisiana law the FDIC must show the inadequacy of its remedies at law before pursuing its equitable claim of unjustified enrichment against trust beneficiaries. It has not done so. We reverse the summary judgment granted FDIC and remand for further proceedings.

I.

In 1962, Ida Watson Lewis...

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