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SOUTHERN NATIONAL BANK OF HOUSTON v. CRATEO, INC.

No. 71-1248.

458 F.2d 688 (1972)

SOUTHERN NATIONAL BANK OF HOUSTON, Houston, Texas, Plaintiff-Appellee, v. CRATEO, INC., formerly known as Tri Financial Corporation, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied April 19, 1972.

Attorney(s) appearing for the Case

Edmund L. Cogburn, Chris Dixie, Houston, Tex., Dow, Cogburn & Friedman, Dixie, Wolf & Hall, Houston, Tex., for defendant-appellant.

George H. Hagle, Houston, Tex., Andrews, Kurth, Campbell & Jones, Houston, Tex., for plaintiff-appellee.

Before RIVES, BELL and AINSWORTH, Circuit Judges.

AINSWORTH, Circuit Judge:

Southern National Bank (plaintiff-appellee) and Crateo (defendant-appellant) allegedly entered into an enforceable contract requiring Crateo to purchase, upon timely tender from Southern, a certain negotiable note. When Crateo refused to make that purchase, Southern foreclosed on the security for the note, allegedly suffering $200,000 in liquidated damages, represented by the difference between the...

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