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SCHMUESER v. BURKBURNETT BANK

No. 90-1795.

937 F.2d 1025 (1991)

Klaus P. SCHMUESER and Ursula V. Schmueser, Plaintiffs-Appellants Cross-Appellees, v. The BURKBURNETT BANK, Defendant-Appellee Cross-Appellant.

United States Court of Appeals, Fifth Circuit.

August 9, 1991.

Attorney(s) appearing for the Case

Stephen R. Marsh, Clifford A. Bridwell, Wichita Falls, Tex., for plaintiffs-appellants cross-appellees.

K. Marvin Adams, H. Dustin Fillmore, Fillmore, Herrick & Harrington, Fort Worth, Tex., for defendant-appellee cross-appellant.

Before SMITH and DUHE, Circuit Judges, and SHAW, Chief District Judge.

SHAW, Chief District Judge:

OPINION

In 1985, Klaus P. Schmueser and Ursula V. Schmueser ("the Schmuesers") entered into a contract to sell their home to Clayton and Loretta Graef ("the Graefs"). Pursuant to the contract, the Graefs executed a monthly installment note payable to the Schmuesers and furnished a one-year $20,000 irrevocable letter of credit as security against default. The letter of credit was issued...

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