(DOWNLOAD) "Federal Deposit Insurance Corp. v. Citizens Bank & Trust Co." by Seventh Circuit United States Court of Appeals " eBook PDF Kindle ePub Free

July 02, 2021

eBook details

Title: Federal Deposit Insurance Corp. v. Citizens Bank & Trust Co.
Author : Seventh Circuit United States Court of Appeals
Release Date : January 02, 1979
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 79 KB

Description

Federal Deposit Insurance Corporation, after becoming the receiver of an insolvent state bank, entered into a so-called purchase and assumption transaction under 12 U.S.C. Â§ 1823(e) whereby it, as receiver, assigned to itself in its corporate capacity the insolvent bank's claim against Citizens Bank & Trust Company. In FDIC's suit on the claim, Citizens asserted a set-off and counterclaim based on alleged liability of the insolvent bank to Citizens arising out of an unrelated transaction. The issue we find to be controlling is whether the Federal Tort Claims Act, 28 U.S.C. Â§Â§ 1346(b), 2671, Et seq., withdrew the sue-and-be-sued liability of FDIC under 12 U.S.C. Â§ 1819 for torts not covered by that Act and thus makes FDIC immune from Citizens' claim. When an insured state bank becomes insolvent, FDIC may accept appointment as the receiver, if the appointment is authorized by state law and tendered in accordance with that law. 12 U.S.C. Â§ 1821(e). When acting as a receiver of a closed bank, FDIC may deal with itself. Thus it may act in two capacities, as receiver and on its own behalf as insurer of deposits and often as a creditor.