Legal Opinion
Kerr-Mcgee Chemical Corporation, a Delaware Corporation v. Federal Deposit Insurance Corporation
Court of Appeals for the Eleventh Circuit
Decided May 15, 1989No. 88-3477PublishedCited by 15 opinions
1Opinion of the Court
POWELL, Associate Justice:
The question presented is whether, after initially dishonoring a letter of credit on the basis of specified grounds, a bank may subsequently dishonor the credit on the basis of a different ground. We think that under the Uniform Customs and Practices for Documentary Credits, which are expressly incorporated by the letter of credit at issue here, appellee bank was required to state all of its reasons for dishonoring the credit when it was first presented. Because it failed to do so, we reverse the district court’s grant of summary judgment in the bank’s favor.
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2Cases cited8 opinions
- Barclays Bank D. C. O. v. Mercantile National BankCourt of Appeals for the Fifth Circuit · 1973
- Philadelphia Gear Corporation v. Central BankCourt of Appeals for the Fifth Circuit · 1983
- Courtaulds North America, Inc. v. North Carolina National Bank, a National Banking AssociationCourt of Appeals for the Fourth Circuit · 1975
- Dessaleng Beyene and Jean M. Hanson v. Irving Trust CompanyCourt of Appeals for the Second Circuit · 1985
- Continental Nat. Bank v. National City Bank of New YorkCourt of Appeals for the Ninth Circuit · 1934
3 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Alaska Textile Co., Inc. v. Chase Manhattan Bank, N.A.Court of Appeals for the Second Circuit · 1992
- Occidental Fire & Casualty Company of North Carolina v. Continental Bank N.A.Court of Appeals for the Seventh Circuit · 1990
- Petra International Banking Corp. v. First American BankDistrict Court, E.D. Virginia · 1991
- LaBarge Pipe & Steel Co. v. First BankCourt of Appeals for the Fifth Circuit · 2008
- Banque De L'Union Haitienne, S.A. v. Manufacturers Hanover International Banking Corp.District Court, S.D. Florida · 1991
10 more not listed; retrieve them via the Exa API.