Toyota Tsusho Corp. v. Comerica Bank

OPINION

GILMORE, District Judge.

This case involves a dispute over a letter of credit (“LOC”) between plaintiff Toyota Tsusho Corporation (“Toyotsu”), the beneficiary of the LOC, and defendant Comeriea Bank (“Comeriea”), the issuer of the LOC. Before the court are cross-motions for summary judgment, based on stipulated facts filed with the court by the parties. For the reasons set forth below, plaintiffs motion for summary judgment is granted and defendant’s motion for summary judgment is denied.

I. FACTS

Plaintiff Toyotsu manufactures CD-ROM units. The LOC involved in this dispute was obtained…