Chemical Bank National Westminister Bank USA v. Security Pacific National Bank, Chemical Bank National Westminister Bank USA v. Security Pacific National Bank

20 F.3d 375 CHEMICAL BANK; National Westminister Bank USA, Plaintiffs-Appellees, v. SECURITY PACIFIC NATIONAL BANK, Defendant-Appellant. CHEMICAL BANK; National Westminister Bank USA, Plaintiffs-Appellants, v. SECURITY PACIFIC NATIONAL BANK, Defendant-Appellee. Nos. 92-16522, 92-16560. United States Court of Appeals, Ninth Circuit. Argued and Submitted Jan. 12, 1994. Decided April 4, 1994. H. Michael Clyde, Brown & Bain, Phoenix, AZ, for plaintiffs-appellees-appellants. Kevin Fong, Pillsbury, Madison & Sutro, San Francisco, CA, for defendant-appellant-appellee. Before: CHOY, SCHROEDER and NOONAN, Circuit Judges. Appeal from the United States District Court for the Northern District of California. NOONAN, Circuit Judge: 1 This case depends on the responsibilities of the lead bank acting for several banks in a multi-bank loan. Its outcome is determined by fiduciary law as modified by the credit agreement entered by the banks. Chemical Bank and National Westminister Bank USA (the plaintiffs), both New York corporations, brought suit against Security Pacific, a California corporation. The district court granted summary judgment in favor of the plaintiffs on their cause of…