[Download] "Downriver Community Federal Credit Union v. Penn Square Bank" by United States Court of Appeals for the Tenth Circuit # eBook PDF Kindle ePub Free

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eBook details

• Title: Downriver Community Federal Credit Union v. Penn Square Bank
• Author : United States Court of Appeals for the Tenth Circuit
• Release Date : January 03, 1989
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 89 KB

Description

TACHA, Circuit Judge This appeal arises from a dispute between certain uninsured depositors in the insolvent Penn Square Bank, N.A. (PSB), and the Federal Deposit Insurance Corporation (FDIC), in its capacity as receiver, over the priority of the depositors' claims against the insolvent bank's assets. The district court found that PSB fraudulently induced the plaintiffs to deposit funds through issuing financial statements that were materially misleading as to PSB's financial condition. In the remedy phase of the trial, the district court imposed a constructive trust upon PSB's assets in favor of the plaintiff-depositors, thereby entitling them to recover the full amount of their deposits, rather than their pro rata share under the relevant provision of the National Bank Act, 12 U.S.C. § 194. We hold that federal law limits these depositors' recovery to their pro rata share of the assets held by the receiver, and reverse. I.

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