Federal Deposit Insurance Corporation v. Venture Contractors, Inc., William Tedtman, and Robert Labus, and Michael Davis’s Empirical Analysis

Citation profile

6 federal appellate · 4 district · 1 state decisions

Most-quoted passages

The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 21 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. “"No agreement which tends to diminish or defeat the right, title or interest of the Federal Deposit Insurance Corporation and any asset acquired by it under this Section either as security for a loan or by purchase shall be valid against the Corporation unless such agreement (1) shall be in writing, (2) shall have been executed by the bank and the person or persons claiming an adverse interest thereunder, including the obligor contemporaneously with the acquisition of the asset by the bank, (3) shall have been approved by the board of directors of the bank or its loan committee which approval shall be reflected in the minutes of said board or committee, and (4) shall have been continuously from the time of its execution an official record of the bank."”

   2 later decisions quote this exact passage · from the majority
   e.g. 249 Ill. App. 3d 340 - Federal Deposit Insurance v. O'Malley · Federal Deposit Ins. Corp. v. Linn

2. “is to enable the FDIC, in deciding to proceed with respect to a troubled bank, to make a quick and certain inventory of the bank’s assets. It can do that only if it can disregard secret oral agreements that may impair the value of those assets .... The statute makes the common law principle [established in D’oench] both more encompassing and more precise. It requires that the agreement, to be effective against the FDIC, be written, be executed contemporaneously with the acquisition of the asset ..., be approved by the bank’s board of directors or its loan committee, be noted in the bank’s minutes, and, continuously from the time of execution, be an official record of the bank.”

   1 later decision quote this exact passage · from the majority
   e.g. Tax Investments, Ltd. v. Federal Deposit Insurance

3. “It is unlikely that the FDIC would go rummaging through closed or inactive files, and the parties agree ... that it was not the FDIC's practice generally or at [the bank] to remove written instruments from files which were closed or inactive files.... The FDIC rested solely upon an assertion of a general practice; defendant rested upon inferences arising from his assertion that the guaranty was in fact dead. 48 .... 49 [E]ven if we assume that the FDIC has the burden of showing the location of the guaranty, by far the more reasonable inference is that it was among the active files of the bank, and this court so finds.”

   1 later decision quote this exact passage · from the majority
   e.g. Federal Deposit Insurance v. Wright