Branch Banking and Trust Company v. D.M.S.I., LLC
9th Cir.; 15-61933 The court of appeals affirmed district court judgments. The court held that purported defects in the agreement transferring a failed…
September 13, 2017 at 05:56 PM
3 minute read
9th Cir.;
15-61933
The court of appeals affirmed district court judgments. The court held that purported defects in the agreement transferring a failed bank's assets from the Federal Deposit Insurance Corporation (FDIC), as receiver, to a purchasing bank did not defeat the transfer.
Three unrelated debtors or groups of debtors borrowed large sums of money from Colonial Bank, N.A. Colonial Bank, N.A., was succeeded by Colonial Bank, an Alabama banking corporation that subsequently closed. The FDIC was named as its receiver. The FDIC executed a “Purchase and Assumption Agreement” (PAA) assigning to Branch Banking and Trust Company the entirety of the FDIC's “right, title, and interest” in the assets of Colonial Bank. Each of the debtors subsequently defaulted on their loans. Efforts to restructure the loans were unsuccessful.
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