THOMAS, Circuit Judge.
In this appeal, we consider, inter alia, the rights of statutory and equitable subrogation held by the issuer of a standby letter of credit. Under the circumstances presented by this case, we conclude that no right of subrogation existed. Therefore, we reverse the judgment of the district court.
I
James S. Hamada was the defendant in a breach of fiduciary duty and fraud action filed by his former partner in medicine...
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