Legal Opinion
Federal Deposit Insurance v. United States Trust Co.
District Court, D. Massachusetts
Decided May 12, 1992No. Civ. A. 92-10626-TPublishedCited by 2 opinions
1Opinion of the Court
MEMORANDUM
TAURO, Chief Judge.
The United States Trust Company (“US Trust”), at the request of Central Savings Bank (“Central”), issued a letter of credit in favor of NCC Leasing, Inc. (“NCC”). The Federal Deposit Insurance Corporation (“FDIC”), as receiver for the now insolvent Central, seeks a preliminary injunction to prevent NCC from collecting under the letter of credit from US Trust. The issue raised by this dispute is the viability of a letter of credit in the face of the formidable protections available to the FDIC as receiver of an insolvent bank.
I
The parties have stipulated to the…
2Cases cited17 opinions
- Enterprise International, Inc. v. Corporacion Estatal Petrolera EcuatorianaCourt of Appeals for the Fifth Circuit · 1985
- Harris Corporation v. National Iranian Radio and Television and Bank Melli Iran, DefendantsCourt of Appeals for the Eleventh Circuit · 1982
- Itek Corporation v. The First National Bank of Boston, Bank Melli IranCourt of Appeals for the First Circuit · 1984
- Bank of China v. David C.W. ChanCourt of Appeals for the Second Circuit · 1991
- Ground Air Transfer, Inc. D/B/A Charter One v. Westates Airlines, Inc. And Jesse YohananCourt of Appeals for the First Circuit · 1990
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3Cited by2 opinions
- California Bank & Trust v. Piedmont Operating PartnershipCalifornia Court of Appeal · 2013
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