Exxon Company, U.S.A., a Division of Exxon Corporation, Cross-Appellant v. Banque De Paris Et Des Pays-Bas, Cross-Appellee

ON REMAND FROM THE SUPREME COURT OF THE UNITED STATES

Before RUBIN, GARZA, and JOLLY, Circuit Judges. ALVIN B. RUBIN, Circuit Judge:

In a diversity action against a bank for refusing to honor a standby letter of credit, we held that the obligation of the issuing bank had terminated even though it might not have been possible for the holder of the letter to present the documents required for payment before the expiry date stated in the letter. 1 Thereafter, and before the issuance of our mandate, an intermediate state court of appeals rendered an unreported opinion interpreting the effect of…