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EDWARDS v. NORTHWESTERN BANK

No. 8014SC611.

281 S.E.2d 86 (1981)

Rudolph L. EDWARDS, Receiver Durham Wholesale Catalog Company, Inc. v. The NORTHWESTERN BANK, Alpha Beta Corporation, Empire Properties, Inc., Valco, Inc., Presidential Apartments, Inc., Robert L. Lipton, Abe Greenberg and C. Paul Roberts.

Court of Appeals of North Carolina.

August 18, 1981.

Attorney(s) appearing for the Case

Randall, Yaeger, Woodson, Jervis & Stout by John C. Randall, Durham, for plaintiff-appellant.

Nichols, Caffrey, Hill, Evans & Murrelle by Edward L. Murrelle and Robert D. Albergotti, Greensboro, for The Northwestern Bank, defendant-appellee.

WHICHARD, Judge.

Plaintiff, receiver of Durham Wholesale Catalog Company, Inc. (Durham Wholesale), seeks to recover allegedly wrongfully diverted corporate assets for the benefit of the company's creditors.

Defendant bank granted a $500,000 line of credit loan to Durham Wholesale secured by a floating lien on inventory. Durham Wholesale opened a checking account with the bank in which the bank placed a $400,000 advance on the loan. The same day defendant Greenberg...

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