Commercial Law Keyed to Lopucki
Samuel Rappaport Family Partnership v. Meridian Bank
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McKlan, Inc. agreed to lease property from several individuals. Marvin Orleans subsequently purchased the property. The lease required that McKlan, Inc. provide a $100,000 letter of credit drawn on a reputable bank and made payable to an escrow agent upon the presentation of his sight draft and other documentation. The documentation included the escrow agent’s certification that McKlan Inc. had been given notice of the presentment and the landlord’s certification regarding the existence of an uncured default. McKlan requested that Central Penn National Bank issue the letter of credit. Central Penn National Bank merged with Appellee. The letter of credit provided that it would remain in effect for one year and that payment was contingent upon the Appellee’s receipt of certain documentation. It required that the escrow agent, Mr. Pincus, present a sight draft along with his certification that McKlan, Inc. had received notice of the presentment. The letter also required submissio n of a certificate sighed by Marvin Orleans indicating that an event of default had occurred under the terms of the lease, and McKlan, Inc was notified of and failed to cure the default. Marvin Orleans subsequently died and Appellant purchased the property from his estate. After his death, Mr. Pincus submitted a draft on the credit to Appellant. That draft complied with the letter of credit except that Appellant rather than Marvin Orleans signed the certificate. Appellee contacted McKlan, Inc. to see if it would waive the requirement that Marvin Orleans sign. It refused. Consequently, Appellee refused to honor the sight draft. Appellant then brought this action.
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