Exxon Company, U.S.A., a Division of Exxon Corporation, Cross-Appellant v. Banque De Paris Et Des Pays-Bas, Cross-Appellee

I respectfully dissent.

The majority, focusing on the expiry date and nothing else, in effect makes the letter of credit involved in this case a nullity.

I agree with the court below that if Exxon had made any claim against the letter of credit before October 31, 1981, the Banque would not have honored any claim because Houston Oil and Refinery, Inc. still had the months of November and December to return to Exxon the oil that they had received under the original contract between Houston Oil and Refining, Inc. and Exxon.

*1127I am convinced that the Texas judge sitting on the court below,…