Opinion ID: 2104886
Heading Depth: 1
Heading Rank: 3

Heading: Availability of defense against FDIC.

Text: FDIC, substituted as the plaintiff after appeal, raises an additional issue: whether on remand the ECOA violation can be asserted against the FDIC. FDIC argues that the defense will be unavailable because of (1) the D'Oench, Duhme doctrine, see D'Oench, Duhme & Co. v. Federal Deposit Ins. Corp., 315 U.S. 447, 62 S.Ct. 676, 86 L.Ed. 956 (1942) (defense based on an agreement likely to mislead banking regulators cannot be used against FDIC), (2) 12 U.S.C. §§ 1821(n)(4)(I) & 1823(e) (1989) (a partial codification of D'Oench, Duhme ), or (3) the federal holder in due course doctrine. Although we cannot address all of these arguments because of the need for further factual development in the Superior Court, in the interest of judicial economy, we reject, as a matter of law, FDIC's characterization of the ECOA violation as an agreement likely to mislead regulators under 12 U.S.C. §§ 1821 and 1823. Although in Langley v. Federal Deposit Ins. Corp., 484 U.S. 86, 108 S.Ct. 396, 98 L.Ed.2d 340 (1987), the Supreme Court broadened the definition of agreement to include unwritten and unrecorded conditions on payment of the note, [3] the ECOA violation is not an unrecorded condition of the note. The entry is: Summary judgment vacated. Remanded for further proceedings consistent with the opinion herein. All concurring.