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DEL E. WEBB McQUEEN DEV. v. RESOLUTION TRUST CORP.

No. 94-15266.

69 F.3d 355 (1995)

DEL E. WEBB McQUEEN DEVELOPMENT CORPORATION, an Arizona Corporation, Plaintiff-Appellant, v. RESOLUTION TRUST CORPORATION, a United States government corporation as Receiver for Sun State Savings, FSA, as successor to Sun State Savings and Loan Association, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Submission Deferred September 15, 1995.

Resubmitted October 2, 1995.

Decided October 30, 1995.

Attorney(s) appearing for the Case

E. Jeffrey Walsh, Snell & Wilmer, Phoenix, Arizona, for plaintiff-appellant.

E. Scott Dosek, Kutak Rock, Phoenix, Arizona, for defendant-appellee.

Before: BEEZER and THOMPSON, Circuit Judges, and EZRA, District Judge.

OPINION

DAVID R. THOMPSON, Circuit Judge:

In this case we hold that a standby letter of credit in favor of Del E. Webb McQueen Development Corporation (Del Webb) was not an accrued and unconditionally fixed liability of the former Sun State Savings and Loan Association (Sun State) at the time Sun State was placed in receivership by the Office of Thrift Supervision (OTS). Sun State's obligation to pay Del Webb on the letter of credit was contingent upon default...

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