Legal Opinion
Federal Deposit Insurance v. Philadelphia Gear Corp.
Supreme Court of the United States
Decided May 27, 1986No. 84-1972PublishedCited by 139 opinions
1Opinion of the CourtJustice O’Connor
We granted certiorari to consider whether a standby letter of credit backed by a contingent promissory note is insured as a “deposit” under the federal deposit insurance program. We hold that, in light of the longstanding interpretation of petitioner Federal Deposit Insurance Corporation (FDIC) that such a letter does not create a deposit and, in light of the fact that such a letter does not entrust any noncontingent assets to the bank, a standby letter of credit backed by a contingent promissory note does not give rise to an insured deposit.
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Orion Manufacturing Corporation (Orion) was, at…
2Cases cited11 opinions
- Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc.Supreme Court of the United States · 1984
- Florida Power & Light Co. v. LorionSupreme Court of the United States · 1985
- D'Oench, Duhme & Co. v. Federal Deposit InsuranceSupreme Court of the United States · 1942
- National Labor Relations Board v. Bell Aerospace Co.Supreme Court of the United States · 1974
- Watt v. AlaskaSupreme Court of the United States · 1981
6 more not listed; retrieve them via the Exa API.
3Cited by139 opinions
- Bragdon v. AbbottSupreme Court of the United States · 1998
- Toyota Motor Manufacturing, Kentucky, Inc. v. WilliamsSupreme Court of the United States · 2002
- Commodity Futures Trading Commission v. SchorSupreme Court of the United States · 1986
- Public Citizen v. United States Department of JusticeSupreme Court of the United States · 1989
- Kibbe v. SumskiBankruptcy Appellate Panel of the First Circuit · 2007
134 more not listed; retrieve them via the Exa API.