Tri-Continent International Corp. v. Paris Savings & Loan Ass'n

This case involves plaintiff Tri-Continent International Corporation’s (Tri-Continent) attempt to buy unimproved land from defendant Paris Savings and Loan Association (Paris), later declared insolvent. Tri-Continent appeals the summary judgment in favor of defendants American Federal Bank, F.S.B. (American Federal) and the Federal Deposit Insurance Corporation (FDIC) as receiver for Paris. Central to Tri-Continent’s appellate arguments is its challenge to the power of the FDIC, as receiver for Paris, to repudiate the real estate contract at issue. As will be seen from our opinion we conclude it is unnecessary to decide this contention. Although various independent grounds exist for affirming the summary judgment, we have selectively determined Tri-Continent voluntarily withdrew its claim for specific performance, thereby rendering moot the propriety of the repudiation of the contract. As to Tri-Continent’s claim for damages, we further determine Tri-Continent is precluded from obtaining any monetary recovery against either the FDIC or American Federal based on a conclusive finding the claims of Paris’s general creditors are worthless.

Factual and Procedural…