SALT LAKE CITY (AP) _ The Federal Savings and Loan Insurance Corp. has filed a $50 million lawsuit against officers of the collapsed State Savings and Loan Association, the largest savings and loan failure in the FSLIC's history.

The suit, filed in U.S. District Court, alleges fraudulent dealings led to the collapse of the Utah-based financial institution last year.

Martha Gravlee, deputy director of communications for the FSLIC, said Thursday that the suit is an attempt to recover $50 million in losses from former State Savings Chairman J. William Oldenburg and other defendants.

''We also believe that these types of lawsuits also help deter possible future misconduct,'' she said.

State Savings was placed into receivership April 12 under prompting by the Utah Department of Financial Institutions. Assured assets of its 10 Utah offices were transferred to Sandia Federal Savings and Loan of Albuquerque, N.M., and those of its 20 Hawaii offices to First Nationwide Savings of San Francisco.

Oldenburg, former owner of the defunct Los Angeles Express football team, acquired over 99 percent of the outstanding stock of State Savings and Loan on Oct. 4, 1983, and was elected chairman of its board 24 days later.

The FSLIC says he and other board members made transactions that converted significant assets of State Savings to the use of Oldenburg and three companies that he owned, Investment Mortgage International Inc., Empire State West and Landfund Ltd. All three companies, also named as defendants, provided real estate financial services.

The agency said breaches of fiduciary duty during the months of Oldenburg's control resulted in State Savings' net worth, which exceeded $10 million on Oct. 4, 1983, being exhausted and the institution being declared insolvent.

It charges Oldenburg with selling undeveloped land to State Savings at more than 10 times the fair market value.

Eight members of the savings and loan's board of directors, James Rosetti, Portola Valley, Calif.; Martin Mandel, San Francisco; Nicholas Muccino, Orinda, Calif.; Eugene Miller, Sacramento, Calif.; Bryan Wilkinson and Anthony Pontarelli, both of Sandy, Utah; Charles Burgardt, Dallas; and James Kennedy of Utah were named as defendants. Also named were 25 insurance companies that provided fidelity bonding for the institution.