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BRUMMER v. BANKERS TRUST OF S.C.

20338

268 S.C. 21 (1977)

231 S.E.2d 298

Louis W. BRUMMER, Trustee, etc., Petitioner, v. BANKERS TRUST OF SOUTH CAROLINA et al., Respondents, of whom Bankers Trust of South Carolina. N.A. is, Appellant.

Supreme Court of South Carolina.

January 5, 1977.

Attorney(s) appearing for the Case

Messrs. R. Frank Plaxco and O. Doyle Martin, of Greenville, for Appellant.

H. Spencer King, Esq., of Spartanburg, for Respondent, The Manhattan Life Insurance Company.

January 5, 1977.

GREGORY, Justice:

This appeal involves construction of a letter of credit. Judgment was entered for Manhattan Life Insurance Company, respondent, against Bankers Trust, appellant. We affirm.

Phillips Development Corporation obtained a commitment for a loan from Manhattan. One half of 2% commitment fee of Thirty-Five Thousand ($35,000.00) Dollars, charged by Manhattan, was paid in cash. The...

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