United States DC Circuit
Bank of N.Y. v. FDIC, 06-5358, 07-5074
Appellee, as the receiver for a subsidiary of a credit card bank, had the authority to disregard an acceleration clause requiring the payment of interest and principal to noteholders when the bank failed. Order enjoining appellant from suing a trust, which bought a portion of the banks's credit card receivables and then sold securities to pay the bank, and seizing the receivables is affirmed.
Appellate Information
- Decided 11/13/2007
- Published 11/13/2007
Judges
- Before: HENDERSON, RANDOLPH and BROWN, Circuit Judges.
Court
- United States DC Circuit
Counsel
- For Appellant:
- H. Stephen Harris, Jr. argued the cause and filed the briefs for appellant.
- For Appellees:
- Jaclyn C. Taner, Counsel, Federal Deposit Insurance Corporation, argued the cause for appellee. With her on the brief were Richard J. Osterman, Jr., Assistant General Counsel, Colleen J. Boles, Senior Counsel, and Dennis S. Klein and Scott H. Christensen.