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WARNER v. CENTRAL TRUST CO.

Nos. 85-3032, 85-3489 and 85-3490.

798 F.2d 167 (1986)

Marvin L. WARNER, Plaintiff-Appellant (85-3032), Plaintiff-Appellee, Cross-Appellant (85-3489/90). v. The CENTRAL TRUST COMPANY, et al., Defendants, Federal Deposit Insurance Corp., Receiver of Penn Square Bank, N.A., Defendant-Appellee (85-3032), Defendant-Appellant, Cross-Appellee (85-3489/90).

United States Court of Appeals, Sixth Circuit.

Decided August 11, 1986.

Attorney(s) appearing for the Case

Louis F. Gilligan (argued), Cincinnati, Ohio, for appellant.

W. Stuart Dornette (argued), Cincinnati, Ohio, for appellee.

Before LIVELY, Chief Judge, and MERRITT and JONES, Circuit Judges.

NATHANIEL R. JONES, Circuit Judge.

In July 1982, the Federal Deposit Insurance Corporation ("FDIC") closed and took over as receiver of the insolvent Penn Square Bank of Oklahoma City. One of the bank's assets was a letter of credit issued to Penn Square by the Central Trust Company of Cincinnati on the account of Marvin Warner, which the FDIC has since collected. Warner appeals the district court's ruling that the FDIC was entitled to collect on the letter of credit...

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