Legal Opinion
Teleport Communications Group, Incorporated v. Barclay Financial Group, Limited
Court of Appeals for the Seventh Circuit
Decided May 5, 1999No. 98-2572PublishedCited by 3 opinions
1Opinion of the Court
TERENCE T. EVANS, Circuit Judge.
Barclay Financial Group, Inc. issued a $1 million “Letter of Credit” to Teleport Communications Group, Inc. at the request of MetroLink Communications, Inc. When Teleport presented two sight drafts totaling $1 million, however, Barclay refused to pay, claiming that Teleport had defrauded MetroLink and citing a clause in the instrument that it believed conditioned payment on a lack of fraud in the Teleport-MetroLink transaction. Teleport sued. Judge Charles P. Kocoras granted summary judgment in favor of Teleport, construing the instrument as an unconditional…
2Cases cited6 opinions
- Anthony Thomas v. Anthony Ramos, Margaret Thompson, Leona Gregory, David Essenpreis, and Yolande WilliamsCourt of Appeals for the Seventh Circuit · 1998
- Dibrell Brothers International S.A., Plaintiff-Counter-Defendant-Appellant v. Banca Nazionale Del Lavoro, Defendant-Counter-Claimant-AppelleeCourt of Appeals for the Eleventh Circuit · 1994
- Taylor Freezer Sales Co. v. HydrickCourt of Appeals of Georgia · 1976
- The Wichita Eagle and Beacon Publishing Company, Inc. v. Pacific National Bank of San Francisco, the Wichita Eagle and Beacon Publishing Company, Inc. v. Pacific National Bank of San FranciscoCourt of Appeals for the Ninth Circuit · 1974
- Gunn-Olson-Stordahl Joint Venture v. Early Bank, Texas Court of Appeals, 11th District (Eastland)1988
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3Cited by3 opinions
- J.P. Morgan Trust Co., N.A. v. U.S. Bank, N.A.District Court, E.D. Wisconsin · 2005
- Lincoln National Life Insurance v. TCF National BankDistrict Court, N.D. Illinois · 2012
- JP Morgan Trust Co., NA v. US BANK, NADistrict Court, E.D. Wisconsin · 2005