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FRANKLIN FINANCIAL v. RESOLUTION TRUST CORP.

Nos. 93-35699, 93-35777, 94-35153 and 94-35235.

53 F.3d 268 (1995)

FRANKLIN FINANCIAL, a New Jersey general partnership, Plaintiff-Appellee, v. RESOLUTION TRUST CORPORATION, Receiver of Benjamin Franklin Federal S & L Assoc., Defendant-Appellant. FRANKLIN FINANCIAL, a New Jersey general partnership, Plaintiff-Appellant, v. RESOLUTION TRUST CORPORATION, individually and in its capacities as conservator and receiver of Benjamin Franklin Savings and Loan, Defendant-Appellee. (Two Cases.) FRANKLIN FINANCIAL, a New Jersey general partnership, Plaintiff-Appellee, v. RESOLUTION TRUST CORPORATION, individually and in its capacities as conservator and receiver of Benjamin Franklin Savings and Loan, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided April 24, 1995.

Attorney(s) appearing for the Case

Dennis S. Klein, Hughes, Hubbard & Reed, Washington, DC, William R. Turnbow, Hershner, Hunter, Moulton, Andrews & Neill, Eugene, OR, for defendant-appellant-cross-appellee.

Barnes H. Ellis, Stoel, Rives, Boley, Jones & Grey, Portland, OR, for plaintiff-appellee-cross-appellant.

Before: PREGERSON and TROTT, Circuit Judges, and FITZGERALD, Senior District Judge.

FITZGERALD, Senior District Judge:

OVERVIEW

In these cases we decide whether the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA"), 12 U.S.C. § 1821, allows the Resolution Trust Corporation ("RTC") to repudiate a lease 117 days after the RTC's appointment as receiver. We hold that it does and, therefore, reverse.

Defendant RTC, individually and in its capacity as receiver of the Benjamin Franklin Savings & Loan...

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