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TUDOR DEV. GROUP, INC. v. U.S. FID. & GUAR. CO.

No. 91-5773.

968 F.2d 357 (1992)

TUDOR DEVELOPMENT GROUP, INC., a Pennsylvania Corp.; Sidney Cohen; Dorothy Cohen; Marc Cohen, trading as Green Hill Associates, v. UNITED STATES FIDELITY & GUARANTY COMPANY, Dauphin Deposit Bank and Trust Company; Green Hill Project Investors, Inc.; York Excavating Company, Inc., Intervenors, Dauphin Deposit Bank & Trust Company, Appellant.

United States Court of Appeals, Third Circuit.

Decided June 22, 1992.

Rehearing and Rehearing Denied July 23, 1992.

Attorney(s) appearing for the Case

Timothy M. Anstine, Thomas A. French (argued), Rhoads & Sinon, Harrisburg, Pa., for appellant Dauphin Deposit.

Lewis S. Kunkel, Jr. (argued), Timothy B. Anderson, Pepper, Hamilton & Scheetz, Harrisburg, Pa., for appellee Green Hill Project Investors.

Thomas B. Rutter (argued), Rutter, Turner, Solomon & Dipiero, Philadelphia, Pa., for appellee Green Hill Associates.

Before: BECKER, COWEN and GARTH, Circuit Judges.

Rehearing and Rehearing In Banc Denied July 23, 1992.

OPINION OF THE COURT

COWEN, Circuit Judge.

At issue in this case is which party is entitled to a fund of $594,000 paid into the district court. To settle this dispute we must determine whether a bank which has honored a letter of credit may be equitably subrogated to the rights of its customer vis-a-vis funds paid to the customer by a party unrelated to the original letter of credit. We conclude...

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