Barclay's Bank PLC v. Dresdner Bank Lateinamerika A.G. (In Re Lancaster Steel Co.)

ORDER REVERSING BANKRUPTCY COURT’S ORDER GRANTING SUMMARY JUDGMENT

HURLEY, District Judge.

THIS CAUSE comes before the court upon appellant Barclays Bank’s appeal of the bankruptcy court’s order entering summary judgment in favor of the appellee, Dresdner Bank, stating that certain “excess” funds drawn down by a beneficiary of a letter of credit are the property of Dresdner, and not the bankruptcy estate. Upon review of the appellate briefs, relevant case law, and argument of counsel, this court will reverse the bankruptcy court’s order and remand for further proceedings.

Background

This appeal…