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NORTH VALLEY BANK v. NATIONAL BANK OF AUSTIN

No. 76 C 3613.

437 F.Supp. 70 (1977)

NORTH VALLEY BANK, a State Chartered Colorado Banking Corporation located in the City of Thornton, State of Colorado, Plaintiff, v. NATIONAL BANK OF AUSTIN, a National Bank Association located in the City of Chicago, State of Illinois, Defendant.

United States District Court, N. D. Illinois, E. D.

August 22, 1977.

Attorney(s) appearing for the Case

R. Rex Renfrow, III, Isham, Lincoln & Beal, Chicago, Ill., Morrato, Gueck & Colantuno, P.C., Denver, Colo., for plaintiff.

Edmund P. Boland, Edward M. White, Chicago, Ill., for defendant.

MEMORANDUM OPINION

FLAUM, District Judge:

The instant action involves the attempt by plaintiff to obtain payment under a letter of credit issued by defendant. As usually occurs in such situations, the primary obligor to plaintiff has proved judgment proof and the court is faced with the classical legal dispute between two, facially bona fide parties.

Plaintiff's complaint, which is predicated on diversity jurisdiction, 28 U.S.C. § 1332, is divided...

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