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Commercial Law Keyed to Warren
Wichita Eagle and Beacon Publishing Company, Inc. v. Pacific National Bank of San Francisco
Facts
Lessors leased a site on which Lessee, Circular Ramp Garages, undertook to build a parking garage. In order to assure that the Lessee would perform, Lessors obtained from defendant Pacific National Bank of San Francisco (the “defendant”) “Letter of Credit No. 17084” in favor of Lessors for $250,000. In the event that certain conditions of the letter were met, the Lessors were entitled to $250,000. The conditions of the letter of credit were (1) that Lessee failed to perform the terms of the lease; (2) that Lessors gave Bank and affidavit stating that it gave notice to the Lessee and its contractor specifying how Lessee failed to perform its lease; and (3) that either Lessee or its contractor failed to cure defaults under the lease during a period of 30 days after receiving Leassor’s notice. Lessee failed to obtain the financing needed to complete the parking garage and defaulted on the lease. The plaintiff Wichita Eagle and Beacon Publishing Company (the “plaintiff”) was the assignee on the letter of credit. Upon Lessee’s default on the lease, the plaintiff presented to the defendant a draft for $250,000 drawn upon the letter of credit. When the defendant refused the payment, the plaintiff brought this suit. The district court concluded that “Although the question is not free from doubt, the Instrument denominated ‘Letter of Credit No. 17084’ should be treated as a letter of credit and be subject to the law respecting letters of credit to the extent applicable and appropriate.”
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