(DOWNLOAD) "Sunshine Development Inc. v. Federal Deposit Insurance Corp." by United States Court of Appeals for the First Circuit # Book PDF Kindle ePub Free
eBook details
- Title: Sunshine Development Inc. v. Federal Deposit Insurance Corp.
- Author : United States Court of Appeals for the First Circuit
- Release Date : January 22, 1994
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 82 KB
Description
SELYA, Circuit Judge. This appeal requires us to determine the scope of the immunity from injunctions granted to the Federal Deposit Insurance Corporation (FDIC) under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Pub. L. 101-73, 103 Stat. 842 (Aug. 9, 1989), in the context of bankruptcy proceedings. After sketching how Congress intended FIRREA to operate, and clarifying the source and extent of bankruptcy courts' powers to manage the estates of debtors whose fates are intertwined with the affairs of failed financial institutions, we conclude that the court below lacked the authority to restrain the FDIC in the exercise of its lawful statutory powers. Accordingly, we reverse I. Background The facts essential to an understanding of this appeal are not disputed. Between 1985 and 1988, First Service Bank for Savings made a total of seven separate loans to Sunshine Development, Inc. in connection with various projects, including Salisbury Pasture (Franklin, New Hampshire), Brightside Place (Derry, New Hampshire), and 154 Webster Street (Hudson, New Hampshire). The debt (much of which remains unpaid) is evidenced by three promissory notes. The notes are cross-collateralized and secured by mortgages encumbering all three pieces of property.
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