Philadelphia Gear Corp. v. Federal Deposit Insurance

This matter is before us upon remand from the United States Supreme Court. This court’s original opinion appears as Philadelphia Gear Corporation v. Federal Deposit Insurance Corporation, 751 F.2d 1131 (10th Cir.1984). The United States Supreme Court granted certiorari on one issue: whether a standby letter of credit backed by a contingent promissory note is an insured deposit under the Federal Deposit Insurance program. It held that such a standby letter of credit is not a “deposit” within the meaning of the Federal Deposit Insurance program, reversing our conclusion to the contrary. See…