In Re Glade Springs, Inc., Debtor. Chemical Bank, Claimant-Appellant v. D. Broward Craig, Trustee of David A. Crabtree

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• applying Michigan law, holding a confirming bank contractually obligated to pay on a letter of credit could equitably subrogate to the rights of the party that should have been paid on the letter against the issuing bank

Source: CourtListener parenthetical corpus (CC0).