Molter Corp. v. Amwest Surety Insurance Co.

The defendant, Amwest Surety Insurance Company (Amwest), appeals from a judgment of the circuit court of Will County granting summary judgment for the plaintiff, Molter Corporation (Molter).

The trial court’s judgment declared that a letter of credit, issued to Amwest by the First National Bank of Joliet (Bank), had expired before Amwest tendered any drafts on it. On appeal, Amwest asserts that the letter of credit contains an "evergreen clause” which operated to renew the letter annually. As a result, Amwest contends that the letter of credit will not expire unless the Bank sends proper…