Studwell, Inc. v. Korean Exchange Bank

Opinion

ORTEGA, J.

We hold that a beneficiary’s interest in an executory letter of credit is not property of the beneficiary subject to attachment by a party in other litigation. We affirm the judgment for defendant.

Facts

From late 1989 through early 1990, several American contractors disassembled a machine in South Carolina and shipped it to South Korea, where they reassembled and repaired it for Hyundai Heavy Industries, Co., Ltd. Plaintiff Studwell, Incorporated, a California corporation located in Los Angeles, worked on this project under contract with Pacific Economic Development Corp.…