Federal Trade Commission v. Overseas Unlimited Agency, Inc. Michael Bruce Marks Susan Roy Marks, George E. Schulman, Receiver-Appellee v. Wilshire Center Bank

873 F.2d 1233 1989-1 Trade Cases 68,555 FEDERAL TRADE COMMISSION, Plaintiff, v. OVERSEAS UNLIMITED AGENCY, INC.; Michael Bruce Marks; Susan Roy Marks, Defendants. George E. SCHULMAN, Receiver-Appellee, v. WILSHIRE CENTER BANK, Respondent-Appellant. No. 88-6157. United States Court of Appeals, Ninth Circuit. Argued and Submitted April 5, 1989. Decided April 21, 1989. Martin J. Spear, Baker & McKenzie, Los Angeles, Cal., for respondent-appellant. Jay A. Woollacott, Jay A. Woollacott, A Law Corp., Wolfe & Linden, Los Angeles, Cal., for receiver-appellee. Appeal from the United States District Court for the Central District of California. Before WRIGHT, FARRIS and NELSON, Circuit Judges. FARRIS, Circuit Judge: 1 Wilshire Center Bank appeals from an order directing it to surrender a bank account to George E. Schulman, the receiver for Overseas Unlimited Agency. The account consists of funds paid by Wilshire to Overseas in exchange for credit card drafts. By contract, Wilshire retained a right to make "charge backs" from the account if Overseas' customers refused to honor the drafts. Wilshire maintains that it is not obliged to surrender the account because it holds a security…