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BANK OF AMERICA v. QUACKENBUSH

Docket No. G015266.

56 Cal.App.4th 1167 (1997)

BANK OF AMERICA, N.T. & S.A., Plaintiff and Appellant, v. CHARLES QUACKENBUSH, as Insurance Commissioner, etc., Defendant and Respondent.

Court of Appeals of California, Fourth District, Division Three.

July 31, 1997.

Attorney(s) appearing for the Case

COUNSEL

Munger, Tolles & Olson, John C. Fauvre, Ullar Vitsut, James Roethe and Michael E. Soloff for Plaintiff and Appellant.

Daniel E. Lungren, Attorney General, Edmond B. Mamer and Carol H. Rehm, Jr., Deputy Attorneys General, Levinson & Kaplan and Robert A. Levinson for Defendant and Respondent.

OPINION

WALLIN, J.

The Bank of America, N.T. & S.A. (the Bank), holder of financial guarantee bonds issued by an insolvent insurer, filed claims on the bonds with the Insurance Commissioner. The Bank sought to have the underlying security valued by appraisal, as provided in the Insurance Code,1 even though it had previously made full credit bids on the security at a nonjudicial foreclosure sale. The...

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