Legal Opinion
Wichita Eagle & Beacon Publishing Co. v. Pacific National Bank
Court of Appeals for the Ninth Circuit
Decided February 22, 1974No. Nos. 71-1573, 71-1849PublishedCited by 7 opinions
1Opinion of the Court
OPINION
2Per curiam
The facts are summarized in the district court’s opinion, 343 F.Supp. 332 (N.D.Cal.1971).
We do not agree with the district court that the instrument sued upon is a letter of credit, though it is so labeled. Rather, the instrument is an ordinary guaranty contract, obliging the defendant bank to pay whatever the lessee Circular Ramp Garages, Inc., owed on the underlying lease, up to the face amount of the guaranty. Since the underlying lease clearly contemplated the payment of $250,000 in case of default, and since this provision appears to be a valid liquidated damages clause, the…
3Cases cited5 opinions
- White Lakes Shopping Center, Inc. v. Jefferson Standard Life InsuranceSupreme Court of Kansas · 1971
- Fair Pavilions, Inc. v. First National City BankNew York Court of Appeals · 1967
- Fidelity Bank v. Lutheran Mutual Life Insurance CompanyCourt of Appeals for the Tenth Circuit · 1972
- Wichita Eagle & Beacon Publishing Co. v. Pacific National BankDistrict Court, N.D. California · 1971
- Bekins v. Lindsay-Strathmore Irr. Dist.Court of Appeals for the Ninth Circuit · 1940
4Cited by7 opinions
- Republic National Bank of Dallas v. Northwest National Bank of Fort WorthTexas Supreme Court · 1979
- Insurance Company of North America v. Heritage Bank, N. ACourt of Appeals for the Third Circuit · 1979
- Banco Nacional De Desarrollo v. Mellon Bank, N.A., Appeal of Banco Nacional De Desarrollo, in No. 83-5247. Appeal of Mellon Bank, N.A., in No. 83-5272Court of Appeals for the Third Circuit · 1984
- The Wichita Eagle and Beacon Publishing Company, Inc. v. Pacific National Bank of San Francisco, the Wichita Eagle and Beacon Publishing Company, Inc. v. Pacific National Bank of San FranciscoCourt of Appeals for the Ninth Circuit · 1974
- Transparent Products Corporation, Plaintiff-Appellant/cross-Appellee v. Paysaver Credit Union, Defendant-Appellee/cross-AppellantCourt of Appeals for the Seventh Circuit · 1988
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