F.D.I.C. v. BAY STREET DEVELOPMENT CORP.

Nos. 93-2237, 93-2238.

32 F.3d 636 (1994)

FEDERAL DEPOSIT INSURANCE CORPORATION, etc., Plaintiff, Appellee, v. BAY STREET DEVELOPMENT CORP., et al., Defendants, Appellants. William J. Byrne, Jr., and Joseph F. Timilty, Defendants, Appellants. FEDERAL DEPOSIT INSURANCE CORPORATION, etc. Plaintiff, Appellee, v. BAY STREET DEVELOPMENT CORP. and John Ryan, Defendants, Appellants.

United States Court of Appeals, First Circuit.

Decided August 26, 1994.


Attorney(s) appearing for the Case

Frank L. McNamara, Jr., with whom J. Alan Mackay, Boston, MA, was on brief, for Chapter 7 Trustee, et al.

Jeffrey M. Lovely, with whom Robert A. Murphy and Casner & Edwards, Boston, MA, were on brief, for William Byrne and Joseph Timilty.

James W. Stoll, with whom Emanuel Alves and Brown, Rudnick, Freed & Gesmer, P.C., Boston, MA, were on brief, for FDIC.

BREYER, Chief Judge, CYR and BOUDIN, Circuit Judges.


CYR, Circuit Judge.

The Federal Deposit Insurance Corporation (FDIC), as receiver, obtained summary judgment against defendants-appellants in an action to recover amounts due a failed savings bank on various loans and loan guaranties. On appeal, defendants contend that their defenses to FDIC's claims are not barred by D'Oench, Duhme & Co. v. FDIC, 315 U.S. 447, 62 S.Ct. 676, 86 L.Ed. 956 (1942), and its statutory counterpart...

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