Central Bank & Trust Co. v. Banner Trading Co.

BARKDULL, Chief Judge.

The instant litigation arose out of a financial transaction between the appellant and the appellee, Banner Trading Co., Inc., and the appellee, Finkel, wherein the bank *202issued certain lett-ers of credit for the purchase of foreign automobiles on behalf of Banner and, in connection therewith, the appellee, Finkel, executed an agreement of guaranty as to a portion of the letters of credit. As security (in addition to the guaranty), the bank held the titles to the automobiles and a portion of same were stored in bonded warehouses under the bank’s exclusive control. It was a…