Legal Opinion
Mercantile-Safe Deposit & Trust Co. v. Baltimore County
Court of Appeals of Maryland
Decided June 5, 1987No. 151 September Term, 1986PublishedCited by 5 opinions
1Opinion of the Court
MURPHY, Chief Judge.
This case involves the refusal by an issuer of a letter of credit to honor a call for payment made by the beneficiary of the credit. The question presented is whether the beneficiary’s demand for payment must comply strictly with the terms and conditions of the letter of credit or whether substantial compliance will suffice.
I
Mercantile-Safe Deposit & Trust Company (Mercantile) issued Letter of Credit No. 10447 in the amount of $20,000 on September 17, 1979. The beneficiary of the irrevocable letter of credit was Baltimore County; Mercantile’s customer was Z & C, Inc. (Z &…
2Cases cited36 opinions
- Westwind Exploration, Inc. v. Homestate Savings Ass'nTexas Supreme Court · 1985
- Philadelphia Gear Corporation v. Central BankCourt of Appeals for the Fifth Circuit · 1983
- Courtaulds North America, Inc. v. North Carolina National Bank, a National Banking AssociationCourt of Appeals for the Fourth Circuit · 1975
- Dynamics Corp. of America v. Citizens & Southern National BankDistrict Court, N.D. Georgia · 1973
- Flagship Cruises, Ltd. v. New England Merchants National Bank of Boston, and Chemical BankCourt of Appeals for the First Circuit · 1978
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3Cited by5 opinions
- Waller v. Maryland National BankCourt of Special Appeals of Maryland · 1993
- Centennial Industries, Inc. v. Union Trust Co.Court of Special Appeals of Maryland · 1988
- Bisker v. Nationsbank, N.A.District of Columbia Court of Appeals · 1996
- Washington Federal Savings & Loan Ass'n v. Prince George's CountyCourt of Special Appeals of Maryland · 1989
- American Nat. Bk. v. Cashman Bros. MarineDistrict Court of Appeal of Florida · 1989