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SECURITY PACIFIC NAT. BANK v. RTC

No. 92-55965.

63 F.3d 900 (1995)

SECURITY PACIFIC NATIONAL BANK, as Trustee, Plaintiff-Appellee, v. The RESOLUTION TRUST CORPORATION, as Receiver of Santa Barbara Federal Savings and Loan Association, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided August 22, 1995.

Attorney(s) appearing for the Case

Kevin M. Crotty (argued), and Dennis S. Klein (on the briefs), Hughes Hubbard & Reed, Washington, DC, for defendant-appellant.

Charles H. MacNab, Jr., Sheppard, Mullin, Richter & Hampton, San Francisco, CA, for plaintiff-appellee.

Before: BROWNING, BEEZER and KLEINFELD, Circuit Judges.

KLEINFELD, Circuit Judge:

The issue is priority of subordinated debenture holders after a bank failure. When a bank fails, and the Resolution Trust Corporation (RTC) repudiates the bank's subordinated debentures, do subordinated debenture holders get the same priority as holders of other debt? No. Their interest remains subordinated.

I. Facts.

No facts were disputed. The district court granted summary judgment in favor of the holders of the...

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