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RESOLUTION TRUST CORP. v. UNITED TRUST FUND, INC.

No. 91-1315 CIV.

775 F.Supp. 1465 (1991)

RESOLUTION TRUST CORPORATION, as Receiver for Pioneer Federal Savings Bank, Plaintiff, v. UNITED TRUST FUND, INC., a corporation organized and existing under the laws of the State of Florida; Financial Federal Savings and Loan Association of Dade County, a savings and loan association conducting business in Dade County, Florida, and Federal Home Loan Bank of Atlanta, Defendants.

United States District Court, S.D. Florida.

August 21, 1991.

Attorney(s) appearing for the Case

Richard Bernstein, Haley, Sinagra & Perez, P.A., Miami, Fla., for Resolution Trust.

Larry A. Stumpf, Rubin, Baum, Levin, Constant, Friedman & Bilzin, Miami, Fla. and Roger B. Kaplan, Wilentz, Goldman & Spitzer, Woodbridge, N.J., for intervenor/defendant Liberty Bell.

Jeffrey A. Tew, Kirkpatrick & Lockhart, Miami, Fla., for Federal Home Loan Bank of Atlanta.

James L. Armstrong, Kelley, Drye & Warren, Miami, Fla., for Financial Federal Sav. and Loan.

Bernard S. Mandler, Miami, Fla., Attorney for United Trust Fund.

MEMORANDUM OPINION

STEPHEN T. BROWN, United States Magistrate Judge.

I. BACKGROUND

On August 9, 1989, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (hereinafter "FIRREA"). As a result, FIRREA created the Resolution Trust Corporation (hereinafter "RTC") to resolve insolvencies in the banking industry. See 12 U.S.C. § 1821 et seq. RTC is the plaintiff in the instant case as a result of the demise...

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