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IN RE NORTH SHORE & CENTRAL ILLINOIS FREIGHT CO.

Bankruptcy Nos. 83 B 3439, 83 A 933.

30 B.R. 377 (1983)

In re NORTH SHORE & CENTRAL ILLINOIS FREIGHT CO., an Illinois Corporation, Debtor. NORTH SHORE & CENTRAL ILLINOIS FREIGHT CO., an Illinois Corporation, Plaintiff, v. AMERICAN NATIONAL BANK & TRUST COMPANY OF CHICAGO, an Illinois Corporation, and Protective Insurance Company, Defendants.

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

June 8, 1983.

Attorney(s) appearing for the Case

Harold Collins, Chicago, Ill., for plaintiff.

Herbert Carlson, Iversen, Carlson & Assoc., Chicago, Ill., for Protective Ins. Co.

MEMORANDUM OPINION

FREDERICK J. HERTZ, Bankruptcy Judge.

The issue presented in this cause of action concerns the right of a beneficiary to collect on an irrevocable letter of credit once a customer has filed a petition in bankruptcy.

On March 3, 1981, North Shore & Central Illinois Freight Company (hereinafter referred to as the debtor), arranged for a $50,000.00 letter of credit (No. 201464) with American National Bank and Trust Company of...

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