Pastor v. NAT'L REPUBLIC BK. OF CHICAGO

Plaintiff, Louis Pastor, filed an action in the circuit court of Cook County seeking injunctive relief to prevent defendant, National Republic Bank of Chicago, from paying out funds evidenced by an irrevocable letter of credit. This instrument had been issued by defendant at plaintiff’s request to Summit Insurance Company of New York (hereinafter Summit). Summit then entered into liquidation in New York, and Thomas A. Harnett, the Superintendent of Insurance in New York, was appointed as liquidator. He forwarded a sight draft to defendant requesting defendant transfer the aforesaid funds for…