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ECCO PLAINS, LLC v. U.S.

No. 11-1559.

728 F.3d 1190 (2013)

ECCO PLAINS, LLC.; Ken Ulrich; High Plains Cattle Company, LLC., Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Tenth Circuit.

September 4, 2013.

Attorney(s) appearing for the Case

Jordan D. Factor ( Matthew M. Wolf with him on the brief) of Allen & Vellone, P.C., Denver, CO, for Plaintiffs-Appellants.

Michael Conrad Johnson , Assistant United States Attorney, Denver, CO ( John F. Walsh , United States Attorney, Denver, CO, and Dina L. Biblin , Senior Litigation Counsel, FDIC Legal Division, Arlington, VA, with him on the brief) for Defendant-Appellee.

Before, TYMKOVICH, McKAY, and O'BRIEN, Circuit Judges.

O'BRIEN, Circuit Judge.

The Federal Depository Insurance Corporation (FDIC), while acting as receiver1 of the New Frontier Bank (the Bank), used proceeds from the sale of cattle belonging to a limited liability company (LLC) to pay down a loan of one of the two LLC members. According to the complaint, the FDIC had no authority to do so because the payment was contrary to the members' agreement...

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