NetBank Unit's Tax Refund Belongs To FDIC, 11th Circ. Says

Law360, New York (September 11, 2013, 3:25 PM EDT) -- The Eleventh Circuit on Tuesday said a tax-sharing agreement between NetBank and its subsidiary established an agency relationship between them and not a debtor-creditor relationship, reversing a Florida district court’s award of a $5.7 million tax refund to NetBank rather than the FDIC as receiver for the subsidiary.

In a published opinion for the Eleventh Circuit written by Circuit Judge R. Lanier Anderson, the court unanimously reversed and remanded the district court’s ruling that the tax-sharing agreement created a debtor-creditor relationship between NetBank and NetBank f.s.b....
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