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FEDERAL DEPOSIT INS. CORP. v. BANK OF AMERICA

No. 81-4590.

701 F.2d 831 (1983)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff-Appellant, v. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Reargued and Submitted December 16, 1982.

Decided March 18, 1983.

Attorney(s) appearing for the Case

Thomas A. Brooks, Myers N. Fisher, FDIC, Washington, D.C., Aaron M. Peck, McKenna, Conner & Cuneo, Los Angeles, Cal., for plaintiff-appellant.

Harold J. McElhinny, Morrison & Foerster, San Francisco, Cal., for defendant-appellee.

Before DUNIWAY, PREGERSON and BOOCHEVER, Circuit Judges.

DUNIWAY, Circuit Judge:

The Federal Deposit Insurance Corporation (FDIC) appeals from a summary judgment in favor of Bank of America, N.T. & S.A., in an action by FDIC to recover moneys deposited with Bank of America by Banco Credito y Ahorro Ponceno, a Puerto Rican Bank (Banco Credito) which became insolvent. Bank of America offset its liability for the deposits against the unpaid balance owed to it on a $5,000,000 subordinated capital note issued by Banco Credito...

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