Century Fire & Marine Insurance v. Bank of New England-Bristol County, N.A.

This is an appeal from an order allowing a motion for summary judgment by the defendant, Bank of New England-Bristol County, N.A. (bank), and denying a motion for summary judgment by the plaintiff, Century Fire and Marine Insurance Corporation (Century), in an action brought by Century against the bank for failure to honor a $25,000 letter of credit issued to Century as security for a bond issued by Century to Transtar, Inc. (Transtar). The issue before us 2 is whether a letter of credit is a contract under Massachusetts law and therefore subject to the six-year statute of limitations for…