CJL Co. v. Bank of Wallowa County (In Re CJL Co.)

MEMORANDUM OPINION

ELIZABETH L. PERRIS, Bankruptcy Judge.

This is a proceeding by the Debtor-in-Possession, CJL Co., seeking an Order requiring the Bank of Wallowa County (“Bank”) to turn over $19,904.82. CJL asserts that the Bank has no interest in the funds and wrongfully debited its account prior to the filing of the petition in bankruptcy. The Bank responds that it holds the funds pursuant to the agreement of the parties that $17,000 deposited in a certain money market account be held as security for the issuance of a letter of credit/performance bond by the Bank to the United States Forest…