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Banking Law Keyed to Barr, 3rd Ed.
Banco Espanol de Credito v. Security Pacific National Bank
Citation:
973 F.2d 51 (1992)Facts
In 1988, Security Pacific extended a line of credit to Integrated Resources, Inc., allowing Integrated to obtain short-term unsecured loans. Security Pacific subsequently sold these loans, in whole or in part, to various institutional investors through a practice known as “loan participation.” Each purchaser signed a Master Participation Agreement (MPA) that contained a disclaimer stating the purchaser had independently made its own credit analysis without reliance on Security Pacific. In late 1988, Integrated began experiencing financial difficulties, and by April 1989, Security Pacific refused to extend further credit to Integrated. Despite this, Security Pacific continued selling loan participations on Integrated’s debt until June 1989, when Integrated defaulted on its loans and subsequently declared bankruptcy. The plaintiffs, who had purchased seventeen different loan participations between mid-April and June 9, 1989, sued Security Pacific, claiming the loan participations were securities and that Security Pacific had failed to disclose material information about Integrated’s financial condition.
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