Legal Opinion
Eakin v. Continental Illinois National Bank & Trust Co. of Chicago
Court of Appeals for the Seventh Circuit
Decided May 11, 1989No. 88-2728PublishedCited by 1 opinion
1Opinion of the Court
EASTERBROOK, Circuit Judge.
Letters of credit assure swift and reliable payment in commercial transactions. That promise was frustrated by Continental Illinois National Bank, which used flimsy pretexts to renege on a standby letter of credit supporting a construction contractor’s bond.
Continental issued an irrevocable letter of credit in December 1984 at the request of Bill’s Coal Co., so that Allied Fidelity Insurance Co. would issue a surety bond promising to stand behind Bill’s performance of a reclamation project in Kansas. Continental promised to pay Allied $805,-000 on presentation of a…
2Cases cited12 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- Frisby v. SchultzSupreme Court of the United States · 1988
- Swift v. TysonSupreme Court of the United States · 1842
- Qaid Rafeeq Azeez and Abdullah Muhammad v. James W. Fairman, Warden, John E. Wright, Asst. Warden, and A. Dodge, 120 (c.o.)Court of Appeals for the Seventh Circuit · 1986
- United States of America, Plaintiff-Appellee--Cross-Appellant v. Jack Griffin, Appeal of Merrill Moores, Cross-AppelleeCourt of Appeals for the Seventh Circuit · 1986
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3Cited by1 opinion
- Eakin v. Continental Illinois National Bank And Trust Company Of ChicagoCourt of Appeals for the Seventh Circuit · 1989