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FIRST TRUST NAT. ASS'N v. FIRST NAT. BANK

No. 99-60431.

220 F.3d 331 (2000)

FIRST TRUST NATIONAL ASSOCIATION, as Indenture Trustee, Plaintiff-Appellant, v. FIRST NATIONAL BANK OF COMMERCE, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

May 31, 2000.

Attorney(s) appearing for the Case

Michael Brian Fisco (argued), Anne F. Larsen, Oppenheimer, Wolff & Donnelly, Minneapolis, MN, for Plaintiff-Appellant.

Philip K. Jones, Jr. (argued), John Charles Anjier, Liskow & Lewis, New Orleans, L A, Robert C. Galloway, Butler, Snow, O'Mara, Stevens & Cannada, Jackson, MS, for Defendant-Appellee.

Before REAVLEY, SMITH and EMILIO M. GARZA, Circuit Judges.

JERRY E. SMITH, Circuit Judge:

First Trust National Association ("First Trust") is indenture trustee for a trust the assets of which are proceeds of notes sold by Belle Casinos, Inc. ("BCI"), and Biloxi Casino Belle, Inc. ("BCBI"). Those assets were placed by BCI/BCBI into two escrow accounts to be employed in building two casinos. The casinos ran over budget, and BCI/BCBI filed for bankruptcy. First National Bank of Commerce ("FNBC"), the agent for these escrow funds...

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