Occidental Fire & Casualty Company of North Carolina v. Continental Bank N.A.

CUDAHY, Circuit Judge.

Occidental Fire & Casualty Company contends that Continental Bank N.A. wrongfully dishonored Occidental’s attempt to draw the proceeds of seven letters of credit of which Occidental was a co-beneficiary. The district court decided in Continental’s favor, and Occidental appeals. We affirm.

I. Facts

In 1984, Bill’s Coal Company contracted to perform mine reclamation work in Kansas. Kansas required Bill’s Coal to obtain a surety to cover the reclamation work. Bill’s Coal asked Union Indemnity Insurance Company of New York to provide the required surety bonds, and Union, which…