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EAKIN v. CONTINENTAL ILLINOIS NAT. BANK & TR. CO.

No. 88-2728.

875 F.2d 114 (1989)

Harry E. EAKIN, Indiana Insurance Commissioner, Liquidator of Allied Fidelity Insurance Company, Plaintiff-Appellee, v. CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY of CHICAGO, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided May 11, 1989.

Rehearing Denied June 20, 1989.

Attorney(s) appearing for the Case

David M. Meister, Katten Muchin Zavis Pearl & Galler, Chicago, Ill., for defendant-appellant.

Monica L. Thompson, Keck Mahin & Cate, Chicago, Ill., for plaintiff-appellee.

Before BAUER, Chief Judge, and FLAUM and EASTERBROOK, Circuit Judges.

EASTERBROOK, Circuit Judge.

Letters of credit assure swift and reliable payment in commercial transactions. That promise was frustrated by Continental Illinois National Bank, which used flimsy pretexts to renege on a standby letter of credit supporting a construction contractor's bond.

Continental issued an irrevocable letter of credit in December 1984 at the request of Bill's Coal Co., so that Allied Fidelity Insurance Co. would issue a surety bond promising...

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