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IN THE MATTER OF ISRAEL-BRITISH BANK (LONDON) LTD.

No. 721, Docket 75-5020.

536 F.2d 509 (1976)

In the Matter of Israel-British Bank (London) Limited, Bankrupt. ISRAEL-BRITISH BANK (LONDON) LIMITED, Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as successor in Interest to Franklin National Bank, and Bank of the Commonwealth, Appellees.

United States Court of Appeals, Second Circuit.

Decided May 25, 1976.

Attorney(s) appearing for the Case

Jack Gross, New York City (Sheldon Lowe, Bruce L. Heller and Krause, Hirsch & Gross, New York City, of counsel), for appellant.

Herbert P. Jacoby, New York City (Edward B. Samuels and Burns & Jacoby, New York City, of counsel), for appellee Bank of the Commonwealth.

John J. Walsh, New York City (Earl H. Nemser, Reid L. Ashinoff and Cadwalader, Wickersham & Taft, New York City, of counsel), for appellee Federal Deposit Ins. Corp.

Before FRIENDLY, MULLIGAN and GURFEIN, Circuit Judges.

GURFEIN, Circuit Judge:

The Israel-British Bank (London) Ltd. ("IBB") was a British bank engaged in the banking business in London. It did no banking business in the United States, nor was it licensed in any state to do such business. It did borrow Eurodollars and U.S. dollars from American banks, including appellees, among others. It also maintained deposits in United States banks.

On July 11, 1974, a loan of Eurodollars made to it by the Franklin National...

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