Legal Opinion
National Surety Corporation, a Corporation of the State of New York v. The Midland Bank, a Corporation of New Jersey
Court of Appeals for the Third Circuit
Decided February 25, 1977No. 76-1686PublishedCited by 95 opinions
1Opinion of the Court
OPINION OF THE COURT
GARTH, Circuit Judge.
This diversity suit resulted from defendant Midland Bank & Trust Company’s (Bank’s) refusal to honor drafts submitted by plaintiff National Surety Corporation pursuant to so-called “standby” letters of credit issued by the Bank. The Bank justi fied its refusal to honor the drafts by claiming that the letters of credit were invalid, asserting that New Jersey law prohibited banks from issuing such standby letters of credit if they exceeded one year in duration.
The district court sustained the Bank’s contention, 408 F.Supp. 684 (D.N.J.1976), and held the…
2Cases cited28 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- West v. American Telephone & Telegraph Co.Supreme Court of the United States · 1940
- Bernhardt v. Polygraphic Co. of America, Inc.Supreme Court of the United States · 1956
- George S. Krasnov v. Brendan DinanCourt of Appeals for the Third Circuit · 1972
23 more not listed; retrieve them via the Exa API.
3Cited by95 opinions
- Auto-Owners Insurance Company v. Stevens & Ricci IncCourt of Appeals for the Third Circuit · 2016
- Virginia J. Barry Melville v. American Home Assurance CompanyCourt of Appeals for the Third Circuit · 1978
- Fassett v. Delta Kappa EpsilonCourt of Appeals for the Third Circuit · 1986
- Blake v. KlineCourt of Appeals for the Third Circuit · 1979
- McGowan v. University of ScrantonCourt of Appeals for the Third Circuit · 1985
90 more not listed; retrieve them via the Exa API.