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Kham & Nate’s Shoes No. 2, Inc. v. First Bank of Whiting
Citation:908 F.2d 1351 (7th Cir. 1990)
Kham & Nate’s Shoes No. 2, Inc., ran four retail shoe stores in Chicago. The Bank first extended credit to the debtor in July 1981. This $50,000 loan was renewed in December 1981 and repaid it part in 1982. In late 1983, debtor asked for additional capital, which Bank agreed to provide if the loan could be made secure. Debtor filed petition under Chapter 11. Judge Toles granted its application for an order giving a loan from bank priority even over the administrative expenses of the bankruptcy. In February 29, Bank mailed debtor a letting stating that it would make no additional advances after March 7. Bank did not make the demand and continued honoring draws. Debtor’s ultimate indebtedness to Bank was approximately $164,000.
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