Western Petroleum Co. v. First Bank Aberdeen (N.A.)

HENDERSON, Justice.

ACTION

This is an appeal by the Defendant, First Bank of Aberdeen (N.A.), hereinafter denominated the Bank, from a judgment of the trial court which held the Bank liable to Plaintiff, Western Petroleum Co., hereinafter denominated Western, for $17,000 plus interest based on a “letter of credit” issued by the Bank to Western. We reverse.

PARTIES

Western is a Minnesota corporation authorized to do business in South Dakota. Its business consists of the wholesale distribution of petroleum products. The Bank is a national bank located in Aberdeen, South Dakota. Third-party…