N & C PROPERTIES v. AmSouth Bank, NA

The plaintiff, N C Properties ("N C"), appeals from a summary judgment in favor of defendant AmSouth Bank, N.A. ("AmSouth"), that was made final pursuant to Rule 54(b), A.R.Civ.P.1 We affirm.

The issue is whether AmSouth improperly refused to fund four letters of credit (referred to herein as"LCs") presented for payment by a court-appointed successor escrow agent.

On June 10, 1983, AmSouth issued two LCs at the request of a customer, Dr. Thomas L. Windham. LC 7139 was issued in the amount of $11,114.85 as earnest money for the purchase of unit 208 of East Pass Towers condominium, Destin,…