Federal Deposit Insurance v. Uribe, Inc.

¶1 Uribe Inc. was a pipeline construction company owned by Michael and Helen Uribe (collectively Uribe). In the spring of 2007, Uribe and Bank of Whitman (Bank)1 were operating under a written finance agreement with the goal of enabling Uribe to bid on a pipeline construction project. The Bank filed a replevin action in 2010 when Uribe defaulted on two earlier loans. Uribe counterclaimed, alleging the Bank had separately and orally agreed to provide an irrevocable line of credit (ILOC) *685to secure a performance bond. The Bank eventually found another bank to provide a line of credit acceptable…