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FDIC v. BANK OF SAN FRANCISCO

No. 86-1948.

817 F.2d 1395 (1987)

FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Penn Square Bank, N.A., Plaintiff-Appellee, v. BANK OF SAN FRANCISCO, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided May 21, 1987.

Attorney(s) appearing for the Case

Dennis F. Shanagher, San Francisco, Cal., for the plaintiff-appellee.

Lynne Bantle, San Francisco, Cal., for the defendant-appellant.

Before JOHN T. NOONAN, Jr. and O'SCANNLAIN, Circuit Judges, and STOTLER, District Judge.

NOONAN, Circuit Judge:

Bank of San Francisco (the Bank) appeals from summary judgment in favor of the Federal Deposit Insurance Corporation (FDIC) on a letter of credit. Jurisdiction exists under 12 U.S.C. § 1819. We affirm.

FACTS

On December 12, 1980 the Bank issued a standby letter of credit in the amount of $50,000. The letter was issued at the request of Arthur J. Shartsis and Mary Jo Shartsis (the Customers). It was issued in favor of Penn...

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