Steinmeyer v. Warner Consolidated Corp.

Opinion

CHRISTIAN, J.

Defendants Warner Consolidated Corporation and Warner National Corporation (hereinafter “Warner”) appeal from a preliminary injunction restraining presentation of documents necessary to obtain payment under a bank letter of credit. The instrument had been procured by respondent Donald P. Steinmeyer (hereinafter “Steinmeyer”) to assure payment of sums owing upon the purchase by him, from Warner, of the entire capital stock of Tahoe Sierra Development. Corporation.

Steinmeyer executed and delivered to Warner several promissory notes, one of which entitled Steinmeyer to offset…