First Interstate Bank of California v. H.C.T., Inc.

*244OPINION

Facts

First Interstate Bank of California (FICAL) and Independence Bank both assert a claim to a Certificate of Deposit (CD) in the approximate amount of $322,000. The district court awarded the CD to Independence Bank on summary judgment. FICAL appealed.

In 1988, H.C.T., Inc., (HCT) borrowed $350,000 from Independence Bank; the loan was guaranteed by two of HCT’s principals.

Shortly thereafter, HCT purchased a CD from First Interstate Bank of Nevada (FINEV) for $321,444.32 in the name of Sunrise Development Co. (Sunrise) and Clark County Public Works.1 The CD was in lieu of an off-site…