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.
