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BOSSIER BANK & TRUST v. UNION PLANTERS NAT. BANK

Nos. 76-1290, 76-1291.

550 F.2d 1077 (1977)

BOSSIER BANK & TRUST COMPANY, a Louisiana Corporation, Plaintiff and Appellee, Cross-Appellant, v. UNION PLANTERS NATIONAL BANK OF MEMPHIS, a National Bank, Defendant and Appellant, Cross-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided March 7, 1977.

Attorney(s) appearing for the Case

Robert M. Johnson, Canada, Russell & Turner, Memphis, Tenn., for defendant and appellant, cross-appellee.

Lee L. Piovarcy, Martin, Tate, Morrow & Marston, Jackson W. Moore, Memphis, Tenn., for plaintiff and appellee, cross-appellant.

Before PHILLIPS, Chief Judge, and EDWARDS and PECK, Circuit Judges.

PER CURIAM.

On June 28, 1973, Union Planters National Bank of Memphis issued a letter of credit to Bossier Bank and Trust Co. of Bossier City, Louisiana, in the amount of $450,000. The letter of credit by its terms agreed to honor sight drafts drawn on it by Bossier in the aggregate amount of $450,000. Bossier presented to Union Planters a sight draft in the amount of $450,000, which was dishonored on October 7, 1974.

Bossier thereupon filed the present suit...

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