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CITIZENS STATE BANK OF LOMETA v. F.D.I.C.

No. 90-8607.

946 F.2d 408 (1991)

CITIZENS STATE BANK OF LOMETA, Plaintiff-Appellee, v. FEDERAL DEPOSIT INSURANCE CORPORATION as Receiver of North Central National Bank, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

November 4, 1991.

Attorney(s) appearing for the Case

Scott N. Morse, Brown, Maroney & Oaks Hartlins, Austin, Tex., Gregory E. Gore, FDIC, Washington, D.C., for defendant-appellant.

Richard Brophy, Jr., Elizabeth S. Miller, Naman, Howell, Smith & Lee, Waco, Tex., for plaintiff-appellee.

Before KING and DUHÉ, Circuit Judges, and SCHWARTZ, District Judge.

CHARLES SCHWARTZ, Jr., District Judge:

This appeal arises out of the insolvency and receivership of the North Central National Bank, Austin, Texas ("North Central"). The Federal Deposit Insurance Corporation ("FDIC") as receiver published notice of North Central's failure immediately upon its closure on April 23, 1987. This raises questions regarding the rights of standby letter of credit beneficiary Citizens State Bank of Lometa ("Citizens") in the bank insolvency...

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