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FIRST BANK NAT. ASS'N v. F.D.I.C.

No. 95-1519.

79 F.3d 362 (1996)

FIRST BANK NATIONAL ASSOCIATION, as Trustee; Aljaf Associates Limited Partnership, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Meritor Savings Bank; First Bank National Association as Trustee ("First Bank"), Appellant.

United States Court of Appeals, Third Circuit.

Decided March 22, 1996.

Attorney(s) appearing for the Case

Arthur E. Newbold (argued), Joseph Patrick Archie, Dechert, Price & Rhoads, Philadelphia, PA, James O. Huber, David Lucey, Foley & Lardner, Milwaukee, WI, for Appellant.

Miles H. Shore, Saul, Ewing, Remick & Saul, Philadelphia, PA, Ann S. DuRoss, Richard J. Osterman, Jr., Jerome A. Madden (argued), Federal Deposit Insurance Corporation, Washington, D.C., for Appellee.

Before GREENBERG, NYGAARD, and LAY, Circuit Judges.

OPINION OF THE COURT

GREENBERG, Circuit Judge.

This appeal requires us to decide a narrow issue: under what circumstances, if any, is the FDIC required to pay the cost of lease-mandated structural repairs and modifications to a building when it acts as a receiver for a failed lessee-thrift and disaffirms its lease under FIRREA? To decide this issue, we must construe 12 U.S.C. § 1821(e)(4), the provision of FIRREA that sets forth the FDIC's obligations...

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