Northwestern Bank v. NCF Financial Corp.

GREENE, Judge.

This is a civil action to recover on an irrevocable letter of credit held by plaintiff Northwestern Bank (hereinafter “Northwestern”). Defendant NCF Financial Corporation (formerly known as Carolina Fincorp, Inc., and hereinafter “NCF”) issued the letter of credit but has refused to pay plaintiff. Plaintiff brought this suit to obtain payment under the letter of credit. The jury found in favor of plaintiff and the trial court entered judgment in the amount of $250,000 plus interest. Defendant appeals.

In March or April 1984, Lynn Sheppard and her husband met with Guy Cline, a…