Osten Meat Co. v. First of America Bank-Southeast Michigan

Plaintiff appeals from a judgment of the circuit court entered in favor of defendant on plaintiff’s claim against defendant for wrongful dishonor of a letter of credit. We affirm.

The essential facts are not in dispute. On May 17, 1989, at the request of its customer, Swenehart’s Zero Foods, Inc., 1 defendant issued an irrevocable stand-by letter of credit for the benefit of plaintiff. The letter of credit provided that defendant would honor one or more sight drafts, not exceeding $150,000 in total, accompanied by:

1. Copy of unpaid invoice(s) from May 16, 1989 or subsequently.

2. An Affidavit…