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PEOPLES STATE BANK OF CLAY CTY. v. GULF OIL

No. 1-882A241.

446 N.E.2d 1358 (1983)

PEOPLES STATE BANK OF CLAY COUNTY, Appellant (Defendant below), v. GULF OIL Corporation, and Gulf Oil Company — U.S., Appellees (Defendants and Counterclaimants below), v. Reynolds Petroleum Sales, Inc., Appellant (Plaintiff and Counterdefendant below).

Court of Appeals of Indiana, First District.

Rehearing Denied May 4, 1983.

Attorney(s) appearing for the Case

William G. Brown, Brazil, B. Michael McCormick, Terre Haute, for appellants.

Robert Hunt, Rosenfeld, Wolfe, Frey & Hunt, Terre Haute, for appellees.

ROBERTSON, Presiding Judge.

This is an appeal from an action brought by Reynolds Petroleum Sales, Inc. (Reynolds) against Gulf Oil Company (Gulf) and the Peoples State Bank of Clay County (Bank) seeking a temporary restraining order, preliminary injunction and permanent injunction to prevent Gulf Oil Company from drawing on and the Bank from paying pursuant to an irrevocable letter of credit issued by the Bank on December 18, 1980.

Gulf filed a counterclaim...

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