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FEDERAL DEPOSIT INS. CORP. v. LOUISIANA NAT. BANK

No. 80-3147.

653 F.2d 927 (1981)

FEDERAL DEPOSIT INSURANCE CORPORATION, Plaintiff-Appellee Cross Appellant, v. LOUISIANA NATIONAL BANK, Defendant-Appellant Cross Appellee.

United States Court of Appeals, Fifth Circuit. Unit A

August 14, 1981.

Attorney(s) appearing for the Case

Frederick R. Tulley, Baton Rouge, La., for defendant-appellant, cross appellee.

Barham & Churchill, Earl S. Eichin, Jr., Charles F. Thensted, New Orleans, La., for plaintiff-appellee cross appellant.

Before BROWN, WISDOM and RANDALL, Circuit Judges.

RANDALL, Circuit Judge:

This case presents the question whether the district court was clearly erroneous when, following a bench trial, it held that the declaration of a dividend on September 9, 1974, by International City Bank and Trust Company (ICB) did not create an event of default under section 4 of the Note Agreement dated March 15, 1972 (the Note Agreement), executed by ICB, which sets forth the terms and conditions under which $5,000,000 aggregate principal...

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