Legal Opinion
Sunburst Bank v. Executive Life Insurance
California Court of Appeal
Decided May 4, 1994No. Docket Nos. B070030, B070031, B071799, B072863, B079406PublishedCited by 3 opinions
1Opinion of the Court
Opinion
VOGEL (Miriam A.), J.
Executive Life Insurance Company (ELIC) sold Municipal Bond Guaranteed Investment Contracts (Muni-GICs) to two banks. When the banks failed, the Federal Deposit Insurance Corporation (FDIC) placed them in receiverships and transferred their assets (including the ELIC Muni-GICs) to successor banks which, in turn, became creditors in ELIC’s subsequent conservatorship proceedings. To obtain priority over other claimants, the banks contend their ephemeral involvement with the FDIC clothed them with the aura of a governmental entity. The trial court disagreed and so do…
2Cases cited22 opinions
- D'Oench, Duhme & Co. v. Federal Deposit InsuranceSupreme Court of the United States · 1942
- Small Business Administration v. McClellanSupreme Court of the United States · 1960
- Federal Deposit Insurance Corporation as Receiver of San Francisco National Bank v. David M. GlickmanCourt of Appeals for the Ninth Circuit · 1971
- Federal Deposit Insurance Corp. v. Charles HatmakerCourt of Appeals for the Sixth Circuit · 1985
- Cockerell v. Title Insurance & Trust Co.California Supreme Court · 1954
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3Cited by3 opinions
- Cobb v. San Francisco Residential Rent Stabilization & Arbitration BoardCalifornia Court of Appeal · 2002
- Remington Investments, Inc. v. HamedaniCalifornia Court of Appeal · 1997
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