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IN RE CLOTHES, INC.

Bankruptcy No. 81-05004, Adv. No. 82-7312.

35 B.R. 487 (1983)

In re CLOTHES, INC., d/b/a Jays Mens Shop and Mr. D's, Debtor. Phillip D. ARMSTRONG, Trustee for Estate of Clothes, Inc., d/b/a Jays Mens Shop and Mr. D's, Plaintiff, v. FNB FINANCIAL COMPANY, Defendant.

United States Bankruptcy Court, D. North Dakota.

November 2, 1983.

Attorney(s) appearing for the Case

Phillip D. Armstrong, Minot, N.D., trustee.

Steven C. Lian, Minot, N.D., for defendant.

MEMORANDUM AND ORDER

WILLIAM A. HILL, Bankruptcy Judge.

This action arises out of the circumstances surrounding a letter of credit issued by the First National Bank of Minot (BANK) to FNB Financial Company (FNB), the Defendant herein. On May 20, 1980, the Bank, through its vice-president, issued an irrevocable letter of credit to FNB for any sum not exceeding $8,000.00 on account of the Debtor, Clothes, Inc. On December 16, 1980, FNB exercised its rights...

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