Opinion ID: 732197
Heading Depth: 2
Heading Rank: 1

Heading: Compensation from February 15 until termination

Text: 11 Mr. Fleischer argues first that the district court erred in granting summary judgment to the RTC with respect to his claim that he is entitled to receive compensation for the period from February 15, 1990, when the conservatorship was imposed, until the date of his termination. He claims to have raised a genuine triable issue as to whether he was terminated as of February 15. 12 The RTC responds that the applicable federal regulations preclude this argument in two ways. First, the RTC argues that Mr. Fleischer did not have an enforceable employment contract because it was not in writing and ... approved specifically by [the] association's board of directors. 12 C.F.R. § 563.39(a). Second, it contends that, if Mr. Fleischer did have an enforceable employment contract, it was terminated by operation of law on February 15. Because we hold that whatever contract Mr. Fleischer had was indeed terminated by operation of law under § 563.39(b)(5), we need not consider whether the contract met the in writing requirement of § 563.39(a). 13 Part 563 of Title 12 of the Code of Federal Regulations sets forth regulations governing the operations of savings associations. See 12 C.F.R. §§ 563.1-563.191 (1991). Section 563.39 sets forth mandatory conditions for employment contracts between a savings association and its personnel. 2 See 12 C.F.R. § 563.39(a)-(b). Section 563.39(b)(5) places the following condition on a savings association's employment contracts: 14 (5) All obligations under the contract shall be terminated, except to the extent determined that continuation of the contract is necessary of [sic] the continued operation of the association 15