Victoria Savings Association v. Bert H. Bonanno Bonnie J. Bonanno Bank of California, a Corporation

892 F.2d 85 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. VICTORIA SAVINGS ASSOCIATION, Plaintiff-Appellant, v. Bert H. BONANNO; Bonnie J. Bonanno; Bank of California, a Corporation, Defendants-Appellees. No. 88-2826. United States Court of Appeals, Ninth Circuit. Argued and Submitted May 8, 1989. Decided Dec. 11, 1989. Before JAMES R. BROWNING, CYNTHIA HOLCOMB HALL and LEAVY, Circuit Judges. 1 MEMORANDUM * OVERVIEW 2 Victoria Savings Association ("Victoria") appeals the district court's summary judgment in favor of Bert and Bonnie Bonanno (collectively, "the Bonannos"). While the Bonannos owned Statewide City Mortgage Corporation ("Statewide"), Statewide made 240 loans to a developer, which loans were purchased by the Federal National Mortgage Association ("FNMA"). The Bonannos sold Statewide to Victoria and the loans defaulted. Victoria settled the loans with the FNMA, but the Bonannos refused to indemnify Victoria, based on their interpretation of their sales…