Resolution Trust Corp. v. First American Bank
Opinion
Lead Opinion
Boochever, J.
First American Batik appeals the district court's summary judgment in favor of the Federal Deposit Insurance Corporation ("FDIC"), in an action by FDIC's predecessor, the Resolution Trust Corporation ("RTC"), to recover $4.1 million, plus interest, which the RTC allegedly paid erroneously to First American pursuant to a Deposit Insurance Transfer and Purchase Agreement. Under that Agreement, First American assumed certain assets and liabilities of a failed savings and loan. Four years after the transaction was executed, the RTC discovered that accounting errors had occurred which resulted in a $4.1 million overpayment to First American.
FACTS
In September 1989, RTC entered into a Deposit Insurance Transfer and Purchase Agreement with First American Bank whereby the latter assumed certain assets and obligations of a failed savings and loan. The $186 million Agreement provided for settlement to occur in January 1990, but permitted adjustments to be made thereafter. Article VII of the Agreement provided:
The Agi~eement also established a formula, based upon Treasury Bill yields, for determining the rate at which interest would accrue on those adjustments.