95 Cal. Daily Op. Serv. 6599, 95 Daily Journal D.A.R. 11,337 Security Pacific National Bank, as Trustee v. The Resolution Trust Corporation, as Receiver of Santa Barbara Federal Savings and Loan Association

63 F.3d 900 95 Cal. Daily Op. Serv. 6599 , 95 Daily Journal D.A.R. 11,337 SECURITY PACIFIC NATIONAL BANK, as Trustee, Plaintiff-Appellee, v. The RESOLUTION TRUST CORPORATION, as Receiver of Santa Barbara Federal Savings and Loan Association, Defendant-Appellant. No. 92-55965. United States Court of Appeals, Ninth Circuit. Argued and Submitted Feb. 4, 1994. Decided Aug. 22, 1995. Kevin M. Crotty (argued), and Dennis S. Klein (on the briefs), Hughes Hubbard & Reed, Washington, DC, for defendant-appellant. Charles H. MacNab, Jr., Sheppard, Mullin, Richter & Hampton, San Francisco, CA, for plaintiff-appellee. Appeal from the United States District Court for the Central District of California. Before: BROWNING, BEEZER * and KLEINFELD, Circuit Judges. KLEINFELD, Circuit Judge: 1 The issue is priority of subordinated debenture holders after a bank failure. When a bank fails, and the Resolution Trust Corporation (RTC) repudiates the bank's subordinated debentures, do subordinated debenture holders get the same priority as holders of other debt? No. Their interest remains subordinated. 2 I. Facts. 3 No facts were disputed. The district court granted summary judgment in favor of the…