South Carolina National Bank v. Westpac Banking Corp.

ORDER

HENDERSON, District Judge.

This matter comes before the Court on cross motions for summary judgment. For the reasons stated below, the Court grants the defendant’s motion and denies the plaintiff’s motion. Accordingly, final judgment is entered in favor of the defendant.

The material facts giving rise to this action are not in dispute. On November 21, 1979, South Carolina National Bank (“SCN”) issued an irrevocable letter of credit in favor of National Railroad Utilization Corp. (“NURC”) for $429,000.00. The letter of credit was issued to pay Commonwealth Steel Company (“Commonwealth”), an…