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RESOLUTION TRUST CORP. v. KIMBALL

No. 91-1504.

963 F.2d 820 (1992)

RESOLUTION TRUST CORPORATION, as Conservator for Sunbelt Federal Savings, FSB, as Transferee of the Resolution Trust Corporation, as Receiver for Sunbelt Savings, FSB, Plaintiff-Appellee, v. William KIMBALL, Robert Rakow and Florrie Wertheimer, Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied July 24, 1992.

Attorney(s) appearing for the Case

John W. Hicks, Jr. and Robert W. Coleman, Baker, Glast & Middleton, Dallas, Tex., for Kimball and Rakow.

Harvey J. Kaufman, New York City, for Wertheimer.

David M. Pyke and Elizabeth Lang-Miers, Locke, Purnell, Rain, Harell, Dallas, Tex., for RTC.

Before POLITZ, Chief Judge, REYNALDO G. GARZA, and WIENER, Circuit Judges.

REYNALDO G. GARZA, Circuit Judge:

This is an appeal from the granting of a summary judgment in an action for reimbursement brought by the issuer of certain letters of credit. Although we find the district court erred in its understanding of the law of letters of credit, we AFFIRM the summary judgment.

I. The Facts

Appellants William Kimball (Kimball), Robert Rakow (Rakow) and Florrie Wertheimer (Wertheimer) were limited partners in Corners...

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