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UNION BANK OF BENTON v. FIRST NAT. BANK

No. 78-3342.

621 F.2d 790 (1980)

The UNION BANK OF BENTON, ARKANSAS, Plaintiff-Appellant, v. The FIRST NATIONAL BANK IN MT. PLEASANT, TEXAS, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

July 18, 1980.

Attorney(s) appearing for the Case

Ted Boswell, David E. Smith, Bryant, Ark., for plaintiff-appellant.

Norman C. Russell, Texarkana, Tex., Robert Rolston, Mount Pleasant, Tex., for defendant-appellee.

Before RUBIN and POLITZ, Circuit Judges, and SMITH, District Judge.

POLITZ, Circuit Judge:

Collapse of a scheme to "float" or "kite" drafts occasions our examination of the Uniform Commercial Code (U.C.C.) which is enacted in Texas as the Tex. Bus. & Com. Code Ann. tit. I (Vernon 1968) (hereinafter "BCC"). We must determine upon whom the mantle of financial responsibility settles. Pursuant to submission on stipulated facts and documentary filings, the district court found that all losses should be borne by The Union Bank of Benton...

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