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CHASE MANHATTAN BANK v. EQUIBANK

Civ. A. No. 74-477.

394 F.Supp. 352 (1975)

The CHASE MANHATTAN BANK, National Association, as Trustee, Plaintiff, v. EQUIBANK, a national banking association, et al., Defendants.

United States District Court, W. D. Pennsylvania.

May 2, 1975.

Attorney(s) appearing for the Case

Stephen A. George, Buchanan, Ingersoll, Rodewald, Kyle & Buerger, Pittsburgh, Pa., for plaintiff; Adlai S. Hardin, Jr., Milbank, Tweed, Hadley & McCloy, New York City, of counsel.

Jerome M. Libenson, Baskin, Boreman, Wilner, Sachs, Gondelman & Craig, Sanford M. Lampl, Pittsburgh, Pa., for defendants.

MEMORANDUM AND ORDER

SNYDER, District Judge.

This is a diversity contract action brought by Chase Manhattan Bank (Chase) to recover $108,000 allegedly due on a Letter of Credit issued by Equibank for the account of Air-North Associates (Associates), the general partner of Pitt-Bethel Associates, Inc. (Pitt-Bethel). Equibank denies a proper demand within the credit period, and Associates counterclaims for money said to be on deposit with Chase. Presently...

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