Citizens State Bank of Lometa v. Federal Deposit Insurance Corporation as Receiver of North Central National Bank

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• \The salient fact here is that Citizens' rights and claim against [the failed bank] originated from the standby letters of credit issued by [the bank] long before [its] insolvency was declared.\
• “The salient fact here is that Citizens’ rights and claim against [the failed bank] originated from the standby letters of credit issued by [the bank] long before [its] insolvency was declared.”
• distribution of assets of insolvent national bank is governed by federal law
• when a claim is contingent and provable, “[n]othing in section 194, Merrill, or American Surety Co., requires a holding ... that [a bank’s] obligation to pay a fixed amount upon the occurrence of a specific event is obviated by its insolvency predating the triggering event”

Source: CourtListener parenthetical corpus (CC0).