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Kham & Nate’s Shoes No. 2, Inc. v. First Bank of Whiting
Citation:908 F.2d 1351 (7th Cir. 1990)
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
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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