Freidco of Wilmington, Delaware, Ltd. v. Farmers Bank of Delaware

OPINION NO. Ill

STAPLETON, District Judge:

Freidco of Wilmington, Ltd. (“FW”) is a Texas partnership which, in April of 1974, consisted of Unit, Inc. (“Unit”), as general partner, and two Wilmington realtors, Robert Hickman and Harry Tingle, as limited partners. FW owned the Farmers Bank Building. On April 12, 1974, Unit committed itself to deposit all rental payments received on behalf of FW from tenants of the building to a designated checking account and, simultaneously, authorized the Farmers Bank of the State of Delaware (“Farmers”) “to charge this account $10,000 per month as rental…