SUNSET COM. BK. v. FLA. DEPT. OF INS.

No. BN-73.

509 So.2d 366 (1987)

SUNSET COMMERCIAL BANK, Appellant, v. FLORIDA DEPARTMENT OF INSURANCE, Appellee.

District Court of Appeal of Florida, First District.

Rehearing Denied July 30, 1987.


Attorney(s) appearing for the Case

Carlos Alvarez, of Hopping, Boyd, Green & Sams, Tallahassee, for appellant.

Chester G. Senf, Tallahassee, for appellee.


WENTWORTH, Judge.

Sunset Commercial Bank appeals an order denying its motion for a refund of withdrawn funds, and directing it to transfer the balance of certain deposit accounts to the Department of Insurance. We find that Sunset Commercial Bank's offset claim under section 631.281, Florida Statutes, should have been allowed, and we reverse the order appealed.

In 1983 Sunset Commercial Bank issued a $400,000 irrevocable letter of credit in return for which...

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