Bazaar, Inc. v. Exchange National Bank

PRESIDING JUSTICE JIGANTI

delivered the opinion of the court:

The plaintiff, The Bazaar, Inc., contracted with Nutmeg Mills, Inc., a defendant, to purchase sweat shirts. Under the terms of the contract, Bazaar was required to pay for the merchandise by means of an irrevocable letter of credit. The letter was purchased by Bazaar from the defendant, Exchange National Bank, for the benefit of the seller, Nutmeg. The letter of credit was in the amount of $48,125 payable on 30 days’ sight. The term 30 days’ sight is of considerable importance in the issues as they finally evolve in this case. When…