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FDIC v. PHILADELPHIA GEAR CORP.

No. 84-1972.

476 U.S. 426 (1986)

FEDERAL DEPOSIT INSURANCE CORPORATION v. PHILADELPHIA GEAR CORP.

Supreme Court of United States.

Decided May 27, 1986

Attorney(s) appearing for the Case

Charles A. Rothfeld argued the cause for petitioner. With him on the briefs were Solicitor General Fried, Assistant Attorney General Willard, Deputy Solicitor General Wallace, and John C. Murphy, Jr.

Gerald F. Slattery, Jr., argued the cause and filed a brief for respondent.*

George W. Miller and Dennis J. Lehr filed a brief for William H. Allen et al. as amici curiae urging affirmance.

JUSTICE O'CONNOR delivered the opinion of the Court.

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...

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