Opinion ID: 2210624
Heading Depth: 1
Heading Rank: 2

Heading: The Requirements of 12 U.S.C. Section 1823(e).

Text: Section 12 U.S.C. section 1823(e) provides: No agreement which tends to diminish or defeat the right, title or interest of the [FDIC] in any asset acquired by it under this section, either as security for a loan or by purchase, shall be valid against the [FDIC] unless such agreement (1) shall be in writing, (2) shall have been executed by the bank and a person or persons claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the bank, (3) shall have been approved by the board of directors of the bank or its loan committee, which approval shall be reflected in the minutes of said board or committee, and (4) shall have been, continuously, from the time of its execution, an official record of the bank. The executor concedes there is no written agreement that the guaranty would only be in effect until the FmHA loan came through. The executor also concedes there is no approval of such an agreement reflected in the minutes of the bank's board of directors or its loan committee. So we see the issue the bank raises as a legal one. The issue involves whether we strictly apply the requirements of section 1823(e) to the undisputed facts. In these circumstances, summary judgment is appropriate. See Junkins v. Branstad, 448 N.W.2d 480, 482 (Iowa 1989).