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BANK OF NEW YORK v. F.D.I.C.

Nos. 06-5358, 07-5074.

508 F.3d 1 (2007)

The BANK OF NEW YORK, as Indenture Trustee of The Nextbank Credit Card Master Note Trust, Appellant v. FEDERAL DEPOSIT INSURANCE CORPORATION, in its capacity as Receiver for Nextbank N.A., Appellee.

United States Court of Appeals, District of Columbia Circuit.

Decided November 13, 2007.

Attorney(s) appearing for the Case

H. Stephen Harris, Jr. argued the cause and filed the briefs for appellant.

Jaclyn C. Taner, Counsel, Federal Deposit Insurance Corporation, argued the cause for appellee. With her on the brief were Richard J. Osterman, Jr., Assistant General Counsel, Colleen J. Boles, Senior Counsel, and Dennis S. Klein and Scott H. Christensen.

Before: HENDERSON, RANDOLPH and BROWN, Circuit Judges.

RANDOLPH, Circuit Judge:

The main issue in these consolidated appeals from the judgments of the district court is whether the Federal Deposit Insurance Corporation ("FDIC"), as the receiver for NextBank, had the authority to disregard an acceleration clause requiring the payment of interest and principal to noteholders when NextBank failed. Judge Huvelle issued a thorough opinion on the issue, and we closely follow her analysis in deciding to affirm.

NextBank...

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