FDIC v. Great Am. Ins. Co.
FDIC v....(U.S. 2d Cir., Banking Law, Contracts, Government Law, Insurance Law) In an action for breach of an insurance contract, summary judgment for defendant is affirmed where the district court erred in ruling that the fidelity bond at issue was not an “asset” under 12 U.S.C. section 1823(e), but to honor the FDIC’s position and allow it to recover would effectively strike the rescission clause from the bond.
