Legal Opinion
First National Bank of Council Bluffs v. Rosebud Housing Authority
Supreme Court of Iowa
Decided April 23, 1980No. 63908PublishedCited by 14 opinions
1Opinion of the Court
REYNOLDSON, Chief Justice.
In this case of first impression, we must analyze the obligation of an issuing bank to honor drafts drawn on two letters of credit.
Plaintiff First National Bank of Council Bluffs dishonored a “demand and draft” on letters it issued, then sought a declaratory judgment fixing “the rights, duties and obligations” of all the parties. Defendant Rosebud Housing Authority (Rosebud), beneficiary of the letters issued by the bank at the request of its customer, defendant Thunderbolt Enterprises, Inc. (Thunderbolt), filed answer and counterclaim demanding judgment on the…
2Cases cited18 opinions
- Wilson v. NepstadSupreme Court of Iowa · 1979
- Barclays Bank D. C. O. v. Mercantile National BankCourt of Appeals for the Fifth Circuit · 1973
- Courtaulds North America, Inc. v. North Carolina National Bank, a National Banking AssociationCourt of Appeals for the Fourth Circuit · 1975
- Chase Manhattan Bank v. EquibankCourt of Appeals for the Third Circuit · 1977
- Pringle-Associated Mortgage Corporation, a Louisiana Corporation v. Southern National Bank of Hattiesburg, Mississippi, a National Banking CorporationCourt of Appeals for the Fifth Circuit · 1978
13 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Colorado National Bank of Denver v. Board of County CommissionersSupreme Court of Colorado · 1981
- Western Petroleum Co. v. First Bank Aberdeen (N.A.)South Dakota Supreme Court · 1985
- Newvector Communications, Inc. v. Union BankDistrict Court, D. Utah · 1987
- Atlas Mini Storage, Inc. v. First Interstate Bank of Des Moines, N.A.Court of Appeals of Iowa · 1988
- Security State Bank of Basin v. Basin Petroleum Services Inc.Wyoming Supreme Court · 1986
9 more not listed; retrieve them via the Exa API.