Pringle-Associated Mortgage Corporation, a Louisiana Corporation v. Southern National Bank of Hattiesburg, Mississippi, a National Banking Corporation

CHARLES CLARK, Circuit Judge:

This case involves the obligation of an issuing bank to honor a draft drawn under a letter of credit. In the district court, Pringle Associated Mortgage Corporation (Pringle), the beneficiary, sued Southern National Bank of Hattiesburg (SNB), the issuer, to collect on its letter of credit. Following a hearing without a jury, the district court ruled in favor of SNB. The court concluded that Pringle was not entitled to payment because it had not complied with conditions which the court read into the letter of credit. In reaching this conclusion the court relied…