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MODZELEWSKI v. RESOLUTION TRUST CORP.

Nos. 92-15670, 92-15865.

14 F.3d 1374 (1994)

Ernest F. MODZELEWSKI, Plaintiff-Appellant, v. RESOLUTION TRUST CORPORATION, as Receiver for MeraBank, a Federal Savings Bank, Defendant-Appellee. Gene E. RICE, Plaintiff-Appellant, v. RESOLUTION TRUST CORPORATION, as Receiver for MeraBank, a Federal Savings Bank, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided January 20, 1994.

Attorney(s) appearing for the Case

Raymond M. Hunter, Hunter & Lehman, Phoenix, AZ, for plaintiff-appellant Modzelewski.

Peter K. Rosen and Dennis A. Winston, Rosen & Winston, Los Angeles, CA, for plaintiff-appellant Rice.

Bruce C. Taylor, RTC, Washington, DC, John H. Bernstein, Diana C. Fields, Kutak Rock, Denver, CO, and E. Scott Dosek, Kutak Rock, Phoenix, AZ, for the defendant-appellee.

Before: KOZINSKI, THOMPSON and T.G. NELSON, Circuit Judges.

KOZINSKI, Circuit Judge:

Starting in the 1970s, MeraBank Savings and Loan offered high level employees "salary continuation agreements," presumably to secure the most talented managers. Nonetheless, it went the way of many S & Ls this past decade. The Resolution Trust Corporation, as receiver, now refuses to honor the agreements, claiming that the right to payments terminated automatically pursuant to 12 C.F.R. § 563.39(b)(5) when the RTC took over.

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