Northern Trust Co. v. Oxford Speaker Co.

This action was brought by The Northern Trust Company (Northern), the appellee, to recover losses it suffered after paying a documentary draft that was transferred to it by Oxford Speaker Company (Oxford), the appellant. The documentary draft, drawn against a letter of credit, had been dishonored by the issuer of the letter of credit; and Oxford had disclaimed liability to Northern. In its answer- to Northern’s complaint, Oxford raised affirmative defenses including waiver and estoppel. The trial court granted summary judgment in favor of Northern, and this appeal followed.

On appeal, Oxford…