DICKINSON, District Judge.
A customer of the Atlantic City Bank applied for a letter of credit for $2,500, paying the required sum. The bank, which did not issue letters of credit, applied in turn to Brown Brothers, who issued one to the customer. The transaction might have taken the form of a payment of the $2,500 to Brown Brothers. Instead, the bank retained the $2,500, agreeing with Brown Brothers to hold it in trust for them. Judge Avis, taking the view which...
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