Federal Deposit Insurance Corp. v. Bank of America National Trust and Savings Association - United States Court of Appeals for the Ninth Circuit

Federal Deposit Insurance Corp. v. Bank of America National Trust and Savings Association

By United States Court of Appeals for the Ninth Circuit

  • Release Date: 1983-03-18
  • Genre: Law

Description

DUNIWAY, Circuit Judge: The Federal Deposit Insurance Corporation (FDIC) appeals from a summary judgment in favor of Bank of America, N.T. & S.A., in an action by FDIC to recover moneys deposited with Bank of America by Banco Credito y Ahorro Ponceno, a Puerto Rican Bank (Banco Credito) which became insolvent. Bank of America offset its liability for the deposits against the unpaid balance owed to it on a $5,000,000 subordinated capital note issued by Banco Credito. The trial court upheld the setoff. We reverse.