IN RE HOWELL ENTERPRISES, INC.

No. 90-1785.

934 F.2d 969 (1991)

In re HOWELL ENTERPRISES, INC., Debtor. TRADAX AMERICA, INC., Appellant, v. FIRST NATIONAL BANK IN STUTTGART, ARKANSAS and Howell Enterprises, Inc., Appellees.

United States Court of Appeals, Eighth Circuit.

Decided June 4, 1991.

Rehearing and Rehearing Denied July 31, 1991.


Attorney(s) appearing for the Case

Gary Rogers, Little Rock, Ark., for appellant.

Baker Kurrus, Little Rock, Ark., for appellees.

Before McMILLIAN and BEAM, Circuit Judges, and ROSENBAUM, District Judge.


Rehearing and Rehearing En Banc Denied July 31, 1991.

ROSENBAUM, District Judge.

It all started simply enough. Howell Enterprises, Inc., (Howell) and Tradax America, Inc., (Tradax) both sell rice. A customer, Bar Schwartz Limited (Bar Schwartz), wanted to buy some rice and pay for it with a commercial letter of credit. But Bar Schwartz could not buy rice from Howell because Howell would not accept the commercial letter of credit as payment. This means of payment...

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