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COURTAULDS NORTH AMERICA, INC. v. NORTH CAROLINA NAT. BANK

No. 75-1291.

528 F.2d 802 (1975)

COURTAULDS NORTH AMERICA, INC., Appellee, v. NORTH CAROLINA NATIONAL BANK, a National Banking Association, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided December 30, 1975.

Attorney(s) appearing for the Case

Robert B. Cordle, Charlotte, N.C. (E. Osborne Ayscue, Jr., Helms, Mulliss & Johnston, Charlotte, N.C., on brief), for appellant.

Laurence C. Leafer, Alexandria, Va., on brief for amicus curiae, for First Union Nat. Bank of North Carolina.

Lindsay R. Davis, Jr., Greensboro, N.C. (Welch Jordan, Douglas Arant, Jordan, Wright, Nichols, Caffrey & Hill, Greensboro, N.C., Bradley, Arant, Rose & White, Birmingham, Ala., on brief), for appellee.

Before BRYAN, Senior Circuit Judge, and WINTER and RUSSELL, Circuit Judges.

BRYAN, Senior Circuit Judge:

A letter of credit with the date of March 21, 1973 was issued by the North Carolina National Bank at the request of and for the account of its customer, Adastra Knitting Mills, Inc. It made available upon the drafts of Courtaulds North America, Inc. "up to" $135,000.00 (later increased by $135,000.00) at "60 days date" to cover Adastra's purchases of acrylic yarn from Courtaulds. The life of the credit was extended in June to allow the...

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