Legal Opinion
National Surety Corp. v. Midland Bank & Trust Co.
District Court, D. New Jersey
Decided February 17, 1976No. Civ. A. 80-72PublishedCited by 5 opinions
1Opinion of the Court
OPINION
COOLAHAN, Senior District Judge.
This is an action 1 based upon two irrevocable documentary letters of credit by their beneficiary, a New York surety company (“the surety company”), against their issuer, a New Jersey state bank (“the bank”).
I. The Issues Considered
The principal legal question raised is whether the letters of credit are void and unenforceable more than a year after their issuance on the ground, asserted by the bank, that a New Jersey statute, N.J.S.A. 17:9A — 25(3), withholds power from banks to issue a letter of credit valid for more than a year from its date of…
2Cases cited11 opinions
- Barclays Bank D. C. O. v. Mercantile National BankCourt of Appeals for the Fifth Circuit · 1973
- State v. LevienSupreme Court of New Jersey · 1965
- United States Ex Rel. Santarelli v. HughesCourt of Appeals for the Third Circuit · 1940
- Dulien Steel Products, Inc., of Washington v. Bankers Trust CompanyCourt of Appeals for the Second Circuit · 1962
- Lamborn v. National Park BankNew York Court of Appeals · 1925
6 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- National Surety Corporation, a Corporation of the State of New York v. The Midland Bank, a Corporation of New JerseyCourt of Appeals for the Third Circuit · 1977
- Bank of North Carolina, N.A. v. The Rock Island Bank, an Illinois CorporationCourt of Appeals for the Seventh Circuit · 1978
- American Employers Insurance v. Pioneer Bank & Trust Co.District Court, N.D. Illinois · 1981
- New Jersey Bank v. PalladinoNew Jersey Superior Court Appellate Division · 1976
- Bank of North Carolina, N.A. v. The Rock Island Bank, an Illinois CorporationCourt of Appeals for the Seventh Circuit · 1978