Nulph

Plaintiffs appeal from the trial court’s grant of summary judgment on behalf of the Federal Deposit Insurance Corporation (FDIC), as receiver for West Coast Bank. We reverse.

The sole issue in this case is whether appellants’ failure to file a creditor’s claim bars them from continuing their action against West Coast Bank filed prior to the bank’s failure and the FDIC’s acceptance of receivership.

On March 17, 1982, appellants filed a verified complaint against West Coast Bank, and a verified first amended complaint on April 20, .1983, alleging fraud, conspiracy and negligence and seeking recission and cancellation of a deed of trust. On July 1, 1983, West Coast Bank filed its verified answer to the first amended complaint.

On April 27,1984, over two years after the filing of the original complaint, the superintendent of banks for the State of California closed West Coast Bank and took possession of the bank’s property and business pursuant to its statutory authority. On the same date, the FDIC accepted receivership.

On May 4, 1984, the FDIC published a notice to creditors of the bank, pursuant to Financial Code section 3117, calling on all persons with claims against…