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IN RE GLADE SPRINGS, INC.

Bankruptcy No. 3-83-01854.

47 B.R. 780 (1985)

In re GLADE SPRINGS, INC., Debtor.

United States Bankruptcy Court, E.D. Tennessee.

March 21, 1985.

Attorney(s) appearing for the Case

Jenkins & Jenkins, Michael H. Fitzpatrick, Knoxville, Tenn., for debtor.

Bernstein, Susano, Stair & Cohen, L. Caesar Stair, III, Terri L. Tribble, Knoxville, Tenn., for claimant Chemical Bank.

Cadwalader, Wickersham & Taft, Murray Drabkin, Toni Emery, Washington, D.C., Walker & Walker, John A. Walker, Jr., Knoxville, Tenn., for D. Broward Craig.

MEMORANDUM AND ORDER ON OBJECTION TO CLAIM NO. 57

CLIVE W. BARE, Bankruptcy Judge.

At issue is whether a confirming bank, U.C.C. § 5-103(f) (1977),1 that honors a letter of credit is entitled to equitable subrogation to the rights of the issuer of the credit under a deed of trust executed to secure the issuer. The facts are stipulated.

I

The debtor, Glade Springs, Inc., is a Delaware corporation. One hundred...

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