Del E. Webb Mcqueen Development Corporation v. Resolution Trust Corporation

69 F.3d 355 27 UCC Rep.Serv.2d 1386 , 95 Cal. Daily Op. Serv. 8413, 95 Daily Journal D.A.R. 14 ,523 DEL E. WEBB McQUEEN DEVELOPMENT CORPORATION, an Arizona Corporation, Plaintiff-Appellant, v. RESOLUTION TRUST CORPORATION, a United States government corporation as Receiver for Sun State Savings, FSA, as successor to Sun State Savings and Loan Association, Defendant-Appellee. No. 94-15266. United States Court of Appeals, Ninth Circuit. Argued Sept. 15, 1995. Submission Deferred Sept. 15, 1995. Resubmitted Oct. 2, 1995. Decided Oct. 30, 1995. E. Jeffrey Walsh, Snell & Wilmer, Phoenix, Arizona, for plaintiff-appellant. E. Scott Dosek, Kutak Rock, Phoenix, Arizona, for defendant-appellee. Appeal from the United States District Court for the District of Arizona. Before: BEEZER and THOMPSON, Circuit Judges, and EZRA, District Judge. * OPINION DAVID R. THOMPSON, Circuit Judge: 1 In this case we hold that a standby letter of credit in favor of Del E. Webb McQueen Development Corporation (Del Webb) was not an accrued and unconditionally fixed liability of the former Sun State Savings and Loan Association (Sun State) at the time Sun State was placed in receivership by the Office of…