Court of Appeals for the Fifth Circuit June 26, 1990, 89-1992 (In the Matter of Liberty Trust Company, Debtor. Resolution Trust Corporation v. Donald Leslie, Successor, Trustee of Liberty Trust Co.)

GEE, Circuit Judge:

Facts and Prior Proceedings

During the years 1980 through 1984, Liberty Trust Company received several promissory notes executed as consideration for loans made by Liberty. In March, 1986, Liberty entered into a Participation Agreement with First Savings of Louisiana under which First Savings agreed to purchase an 85% interest in certain of the loans made by Liberty.