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MURPHY v. F.D.I.C.

Nos. 91-15511, 91-15640 and 91-15642.

38 F.3d 1490 (1994)

Patrick J. MURPHY, et al., Plaintiffs-Appellees, v. FEDERAL DEPOSIT INSURANCE CORPORATION, et al., Defendants-Appellants. Patrick J. MURPHY, an individual; Murphy's Markets, Inc., a California Corporation; Ramsey Marketing and Management Co. ("RAMCO"), aka: Ramsay Marketing and Management Co., a California Corporation, Plaintiffs-Appellants, v. FEDERAL DEPOSIT INSURANCE CORPORATION, et al., Defendants-Appellees. FEDERAL DEPOSIT INSURANCE CORPORATION; First National Bank, Plaintiffs-Appellees, v. Patrick J. MURPHY, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided October 26, 1994.

Attorney(s) appearing for the Case

E. Whitney Drake, Sp. Counsel, F.D.I.C., Washington, DC, Patrick J. Hogan and John D. O'Connor, Tarkington, O'Connor & O'Neill, San Francisco, CA, for FDIC.

John F. Wells, Stark, Wells, Rahl, Schwartz & Schieffer, Oakland, CA, William C. Rust, Jr., San Francisco, CA, for Murphy.

Before: BROWNING, HUG, POOLE, D.W. NELSON, NORRIS, REINHARDT, BEEZER, HALL, WIGGINS, THOMPSON and KLEINFELD, Circuit Judges.

KLEINFELD, Circuit Judge:

The beneficiary of a letter of credit sought to recover against the FDIC, after the issuing bank failed. The FDIC argues that recovery is barred by the D'Oench, Duhme doctrine and 12 U.S.C. § 1823(e). We reject these arguments. The traditional commercial law principle, that a letter of credit stands independent of irregularities in its procurement, survives bank failure. Our earlier decision...

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