First State Bank v. Diamond Plastics Corp.

I agree that strict compliance is a proper standard for measuring a demand .for payment pursuant to a letter of credit. I further agree that a nonnegotiable bill of lading cannot be unilaterally presented by a beneficiary to demand payment on a letter of credit requiring a negotiable bill of lading. But this letter of credit does not require Diamond Plastics to present a negotiable bill of lading. In my view, its presentment strictly complied with the terms of the letter of credit. I would not remand this case on an estoppel theory as does the Court, but rather would remand with instructions…