In 1973, the plaintiffs formed Sumande Corp., a Liberian corporation, for the purpose of purchasing and operating a tanker. Thereafter, plaintiffs contracted to purchase a Greek oil tanker for $940,000, making a down payment of $94,000. The plaintiffs approached Extebank, then known as Century National Bank and Trust Company (Century), in order to obtain financing for the purchase of the tanker. Ultimately, plaintiffs contributed $325,000, of which $308,750 was designated...
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