Howell v. Continental Credit Corp. Book Reviews

Howell v. Continental Credit Corp. by Seventh Circuit United States Court of Appeals Book Summary

This case arises from a highly complex but not well-managed financial transaction through which the Federal Deposit Insurance Corporation (FDIC) became the purported lessor of various items of equipment to appellant Howell as lessee. The FDIC is now claiming the amounts due under the leases and the appellants defend on the ground that the original lessor, Continental Credit Corp. (Continental) failed to provide adequate consideration. The district court granted summary judgment in favor of the FDIC dismissing the appellants complaint on the ground that the leases did not explicitly require Continental to furnish the consideration appellants now claim. It concluded, therefore, that any agreement requiring such consideration must have been a "secret agreement," and thus held, relying upon 12 U.S.C. § 1823(e) and DOench, Duhme & Co. v. FDIC, 315 U.S. 447, 62 S. Ct. 676, 86 L. Ed. 956 (1942), that the agreement was not binding upon the FDIC. Howell has appealed the district courts summary judgment that the leases were enforceable against her.

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