Legal Opinion
Federal Deposit Insurance v. Liberty National Bank & Trust Co.
Court of Appeals for the Tenth Circuit
Decided November 26, 1986No. Nos. 84-2147, 84-2148PublishedCited by 1 opinion
1Opinion of the Court
LOGAN, Circuit Judge.
These two consolidated appeals raise substantially identical questions regarding the rights of standby letter of credit beneficiaries in bank insolvency proceedings. In both cases, the Federal Deposit Insurance Corporation (FDIC) appeals from summary judgments entered against it as receiver of the insolvent Penn Square Bank, N.A. (Penn Square).
The issues on appeal are: (1) whether Utica National Bank and Trust Company (Utica) and The Liberty National Bank and Trust Company (Liberty) possess provable claims against the FDIC under standby letters of credit issued by Penn…
2Cases cited33 opinions
- Scott v. ArmstrongSupreme Court of the United States · 1892
- Davis v. Elmira Savings BankSupreme Court of the United States · 1896
- Merrill v. National Bank of JacksonvilleSupreme Court of the United States · 1899
- American National Bank Of Jacksonville v. Federal Deposit Insurance CorporationCourt of Appeals for the Eleventh Circuit · 1983
- Federal Deposit Insurance v. Philadelphia Gear Corp.Supreme Court of the United States · 1986
28 more not listed; retrieve them via the Exa API.