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SHEL-AL CORPORATION v. AMERICAN NATIONAL INSURANCE CO.

No. 73-1965.

492 F.2d 87 (1974)

SHEL-AL CORPORATION, Plaintiff-Appellant, v. AMERICAN NATIONAL INSURANCE COMPANY and Exchange Security Bank, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

April 8, 1974.

Rehearing Denied May 8, 1974.

Attorney(s) appearing for the Case

William M. Acker, Jr., Ferris S. Ritchey, Jr., Birmingham, Ala., for plaintiff-appellant.

William A. Major, Jr., Drayton Nabers, Jr., Birmingham, Ala., for American National.

C. John Holditch, Birmingham, Ala., for Exchange Security Bank.

Before TUTTLE, GEWIN and RONEY, Circuit Judges.

TUTTLE, Circuit Judge:

This appeal stems from the failure of American National, a provider of permanent financing, and Shel-Al, a developer of an office building, to consummate a loan agreement. Appellant Shel-Al Corporation, an Alabama corporation, instituted this action in Alabama state court to recover a $24,000 cash deposit made to American National Insurance Company, a Texas corporation, and to enjoin the honoring of a $24,000 irrevocable letter of credit payable...

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