FEDERAL DEPOSIT INS. CORP. v. BANK OF BOULDER

No. 86-1071.

911 F.2d 1466 (1990)

FEDERAL DEPOSIT INSURANCE CORPORATION, a United States corporation, Plaintiff-Appellant, v. BANK OF BOULDER, a Colorado corporation, Defendant-Appellee.

United States Court of Appeals, Tenth Circuit.

August 20, 1990.


Attorney(s) appearing for the Case

Ira H. Parker, Federal Deposit Ins. Corp., Washington, D.C., of counsel (John M. Palmeri and Frederick W. Klann of White and Steele, P.C., Denver, Colo., with him on the briefs), for plaintiff-appellant.

Richard L. Eason (Dean G. Panos and David R. Eason with him on the brief) of Eason, Sprague & Wilson, Denver, Colo., for defendant-appellee.

(John J. Gill and Michael F. Crotty of American Bankers Ass'n, Washington, D.C., on the brief, for amicus curiae American Bankers Ass'n.)

Before HOLLOWAY, Chief Judge, McKAY, LOGAN, SEYMOUR, ANDERSON, TACHA, BALDOCK, and BRORBY, Circuit Judges.


McKAY, Circuit Judge.

This case involves an action by the Federal Deposit Insurance Corporation (FDIC) seeking to enforce a letter of credit issued by the defendant Bank of Boulder.

I. Facts

On June 30, 1982, the Bank of Boulder issued a standby letter of credit to Dominion Bank of Denver in the amount of $27,000. On September 30, 1983, Dominion Bank of Denver was declared insolvent and ordered closed by the Colorado State Banking Commissioner pursuant...

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