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F.D.I.C. v. LIBERTY NAT. BANK & TRUST CO.

Nos. 84-2147, 84-2148.

806 F.2d 961 (1986)

FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of Penn Square Bank, N.A., Plaintiff-Appellant, v. The LIBERTY NATIONAL BANK & TRUST CO., Defendant-Appellee. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of Penn Square Bank, N.A., Plaintiff-Appellant, v. UTICA NATIONAL BANK AND TRUST COMPANY, Defendant-Appellee.

United States Court of Appeals, Tenth Circuit.

November 26, 1986.

Attorney(s) appearing for the Case

David L. Bryant (Charles C. Baker, also of Gable & Gotwals, Tulsa, Okl., with him on the briefs in No. 84-2147; Ross A. Plourde and V. Burns Hargis of Reynolds, Ridings & Hargis, Oklahoma City, Okl., on the briefs in No. 84-2148), for plaintiff-appellant Federal Deposit Ins. Corp.

D. Kent Meyers (Harvey D. Ellis, Jr., also of Crowe & Dunlevy, Oklahoma City, Okl., with him on the brief), for defendant-appellee The Liberty Nat. Bank and Trust Company of Oklahoma City.

William E. Hughes (Lewis N. Carter and Charles S. Plumb, also of Doerner, Stuart, Saunders, Daniel & Anderson, Tulsa, Okl., with him on the brief), for defendant-appellee Utica Nat. Bank & Trust Co.

Before McKAY and LOGAN, Circuit Judges, and CROW, District Judge.

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...

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