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DEPOSITORS TRUST CO., ETC. v. FRATI ENTERPRISES

No. 78-1341.

590 F.2d 377 (1979)

DEPOSITORS TRUST COMPANY OF AUGUSTA, Plaintiff, Appellee, v. FRATI ENTERPRISES, INC., Defendant, Appellee, James A. Goodman, etc., Defendant, Appellant.

United States Court of Appeals, First Circuit.

Decided January 11, 1979.

Attorney(s) appearing for the Case

Errol K. Paine, Bangor, Maine, with whom Paine & Lynch, Bangor, Maine, was on brief, for defendant, appellant.

Frank G. Chapman, Augusta, Maine, with whom Locke, Campbell & Chapman, Augusta, Maine, was on brief, for defendant, appellee, Depositors Trust Co. of Augusta.

Robert E. Sutcliffe, Bangor, Maine, with whom Rudman, Winchell, Carter & Buckley, Bangor, Maine, was on brief, for plaintiff, appellee, Depositors Trust Co. of Bangor.

Before COFFIN, Chief Judge, CAMPBELL and BOWNES, Circuit Judges.

COFFIN, Chief Judge.

This is an appeal by a trustee in bankruptcy from a decision granting summary judgment in favor of two banks that allegedly received preferences. 11 U.S.C. § 96. The district court held that the amount received by the banks was a permissible set-off of mutual debts. 11 U.S.C. § 108. We affirm.

The case involves a complex series of transactions which can be fairly understood as follows. Appellees are sister banking corporations...

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