Legal Opinion
Security Pacific National Bank v. Resolution Trust Corp.
Court of Appeals for the Ninth Circuit
Decided August 22, 1995No. 92-55965PublishedCited by 1 opinion
1Opinion of the Court
KLEINFELD, Circuit Judge:
The issue is priority of subordinated debenture holders after a bank failure. When a bank fails, and the Resolution Trust Corporation (RTC) repudiates the bank’s subordinated debentures, do subordinated debenture holders get the same priority as holders of other debt? No. Their interest remains subordinated.
I. Facts.
No facts were disputed. The district court granted summary judgment in favor of the holders of the subordinated debentures. We reverse, and remand for entry of summary judgment in favor of the RTC.
Debentures are ordinarily unsecured obligations of a…
2Cases cited10 opinions
- Longview Fibre Co. v. RasmussenCourt of Appeals for the Ninth Circuit · 1992
- Karrell v. United StatesCourt of Appeals for the Ninth Circuit · 1950
- Cargill, Inc. v. Charter International Oil Co.Supreme Court of the United States · 1988
- In Re Robert J. Burns, Debtor. Robert J. Burns v. United StatesCourt of Appeals for the Ninth Circuit · 1992
- Weis Securities, Inc. v. RedingtonCourt of Appeals for the Second Circuit · 1978
5 more not listed; retrieve them via the Exa API.