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IN MATTER OF MARINE DISTRIBUTORS, INC.

No. 73-3081.

522 F.2d 791 (1975)

In the Matter of MARINE DISTRIBUTORS, INC., a California Corporation, Bankrupt. Barbara POSTAL and Travers A. Laird, Petitioners-Appellants, v. James A. A. SMITH, Trustee, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Rehearing Denied October 21, 1975.

Attorney(s) appearing for the Case

Arnold M. Quittner (argued), Los Angeles, Cal., for petitioners-appellants.

Richard M. Moneymaker (argued), Los Angeles, Cal., for respondent-appellee.

Before BROWNING and TRASK, Circuit Judges, and RICH, Judge, United States Court of Customs and Patent Appeals.

OPINION

TRASK, Circuit Judge:

This appeal is from a judgment of the district court which affirmed an order of the bankruptcy referee enjoining the United California Bank (UCB) from making payment upon two irrevocable letters of credit it had issued. The letters of credit were issued to William H. Postal and Travers A. Laird representing a part of their selling price of certain assets to Marine Distributors, Inc. (MDI). When MDI became bankrupt its trustee...

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