Legal Opinion

Tokyo Kogyo Boeki Shokai, a Japanese Corporation v. United States National Bank of Oregon

Court of Appeals for the Ninth Circuit

Decided September 19, 1997No. 96-35175PublishedCited by 1 opinion

1Opinion of the Court

KOZINSKI, Circuit Judge.

In this ease we answer the question that must be on everyone’s mind: May a letter of credit applicant subrogate to the position of the issuing bank and sue the confirming bank for fraud, negligence and violation of the Uniform Commercial Code?

Tokyo Kogyo Boeki Shokai (Kogyo), a Japanese importer, contracted with West Road America to import construction panels from Washington state to Japan. To finance the deal, Kogyo had Mitsubishi Bank issue a letter of credit, initially for $1,600,000. West Road’s banker, United States National Bank of Oregon (National), agreed to be…

2Cases cited7 opinions

Maine Bonding & Casualty Co. v. Centennial InsuranceOregon Supreme Court · 1985
Rice v. McAlisterOregon Supreme Court · 1974
Instituto Nacional De Comercializacion Agricola (Indeca), Plaintiff v. Continental Illinois National Bank and Trust Company, Defendants- Instituto Nacional De Comercializacion Agricola (Indeca), Cross-Appellee v. Deborah Bell, Cross-AppellantCourt of Appeals for the Seventh Circuit · 1988
Pubali Bank v. City National Bank, the Aristos Group, Jack A. Willis, Robert McGuire Margo SvikhartCourt of Appeals for the Ninth Circuit · 1982
Auto Servicio San Ignacio, S.R.L. v. Compania Anonima Venezolana De Navegacion (Venezuelan Line), the Aetna Casualty & Surety Co., Defendant-Third Party v. Hibernia National Bank, Third PartyCourt of Appeals for the Third Circuit · 1985

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3Cited by1 opinion

Tokyo Kogyo Boeki Shokai, a Japanese Corporation v. United States National Bank of OregonCourt of Appeals for the Ninth Circuit · 1997