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in 1982 in the following amounts:
Date Amount of Loan
Sept. 30 $27,272,888.00
Oct. 29 1,142,311.00
Nov. 1 1,135,689.50
Nov. 16 1,046,278.76
Dec. 1 1,099,944.32
Then, on January 27, 1983, CVI made written demand for payment of
both the principal amounts of the loans (viz, $31,697,111.58) and
accrued interest thereon (viz, $1,386,326.55), which totaled
$33,083,438.13. On January 31, 1983, the following occurred: (1)
CV wired the sum to CVI in full payment of the principal amounts
and interest, and the sum was deposited in CVI's account with the
First National Bank of Boston; (2) CVI received the proceeds of
two maturing time deposits, totaling $5,663,970.38, that were
also deposited on that date in the account; (3) CVI wired both
the payment it had received from CV and the proceeds of the
maturing time deposits to CV, transferring a total of
$38,747,408.51.
The receipt by CVI of the proceeds of its maturing time
deposits was recorded in its general ledger by entries recorded
and approved between January 20, 1983, and January 25, 1983. The
repayment by CV of CVI's demand loans and the subsequent transfer
of funds by CVI to CV described above were recorded in CVI's
general ledger by entries prepared and approved on January 31,
1983. For accounting purposes, the transfers between CV and CVI
were recorded as passing through an account designated
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