Fdic/Manager Fund v. Max Larsen

The Federal Deposit Insurance Corporation, as manager of the Federal Savings and Loan Insurance Corporation Resolution Fund and as successor in interest to American Savings Bank, appeals the judgment entered against American Savings and Broadmoor Villas, Inc. and in favor of Max Larsen as trustee for the Max Larsen Trust. The FDIC asserts certain federal law defenses to Larsens claims of fraud and misrepresentation. We hold that the federal defenses bar Larsens claim as a matter of law, and we reverse the judgment of the trial court and render judgment in favor of the FDIC.