Federal Deposit Ins. Corp. v. Moss

1 As a result of the downturn in Oklahomas economy during the 1980s the Federal Deposit Insurance Corporation has become a major litigant in many courthouses. In todays case the FDIC has functioned in two capacities: one as receiver of a failed bank to which money was owed on a note, and another as insurer of a second failed bank alleged to owe money to a depositor. The FDIC in these two capacities is brought together here because the debtor of the first failed bank happens to be the depositor of the second. Our issue is framed by FDICs claim that it must be treated separately in its dual capacities - that its suit on behalf of failed bank number one is not subject to any offset or counterclaim against failed bank number two. This is our first opportunity to examine the dual roles of the FDIC and how they fit into Oklahomas civil procedural establishment.