Webb

Introduction

Petitioner Raymond Lex Webb (Webb) seeks a writ of mandate and a review of the order of the superior court granting summary adjudication of issues in favor of real party in interest New West Federal Savings and Loan Association (New West). The issues presented involve the interpretation and application of federal law, specifically D’Oench, Duhme & Co. v. F.D.I.C. (1942) 315 U.S. 447 [ 86 L.Ed. 956 , 62 S.Ct. 676 ] (D’Oench, Duhme) and its progeny.

In D’Oench, Duhme the Federal Deposit Insurance Corporation (the FDIC) sued D’Oench, Duhme & Co., a brokerage firm, for payment on a note the FDIC assumed when the bank that held the note failed. D’Oench, Duhme & Co. executed the note so that the bank could cover a loss from bonds it had bought from the firm. The receipt for the note, not contained in the bank records, indicated that the note was given with the understanding that it would never be called for payment. ( 315 U.S. at p. 454 [ 86 L.Ed. at p. 960 ].) D’Oench, Duhme & Co. asserted the agreement and lack of consideration as defenses to liability. The Supreme Court held that the defendant was estopped from raising defenses based on this “secret…