First Arlington National Bank v. Stathis

This appeal is from the entry of summary judgment for Gus Stathis (defendant) in an action for declaratory judgment brought to determine the rights and obligations of the parties under a letter of credit issued by the plaintiff bank. Plaintiff contends that the trial court erred in ruling that (1) none of the exceptions contained in section 5 — 114(2) of the Uniform Commercial Code (the Code) (Ill. Rev. Stat. 1979, ch. 26, par. 5 — 114(2)) excused plaintiff’s duty to honor the letter of credit; (2) defendant did not breach any warranties made by him pursuant to section 5 — 111(1) of the Code…