Pastor v. National Republic Bank of Chicago

Plaintiff, Louis Pastor, procured the issuance of an irrevocable letter of credit by defendant, National Republic Bank of Chicago, in favor of Summit Insurance Company of New York (Summit). Pastor is affiliated with Associated Surety Agents, Inc. (Associated), which 'is in the business of acting as insurance agent, and in that capacity sought to represent Summit. Pastor procured the issuance of the letter of credit as stated therein “to facilitate authorization of Associated Surety Agents, Inc. to act as agent for Summit ***.” The credit authorizes Summit to draw on the defendant bank by…