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NATIONAL SURETY CORP. v. MIDLAND BANK

No. 76-1686.

551 F.2d 21 (1977)

NATIONAL SURETY CORPORATION, a corporation of the State of New York, Appellant, v. The MIDLAND BANK, a corporation of New Jersey, Appellee.

United States Court of Appeals, Third Circuit.

Decided February 25, 1977.

Attorney(s) appearing for the Case

Lum, Biunno & Tompkins, Newark, N.J., for appellant; David A. Birch, Charles H. Hoens, Jr., Newark, N.J., on the brief.

Milton, Keane & Brady, Jersey City, N.J., for appellee; Thomas J. Brady, Jersey City, N.J., on the brief.

Shearman & Sterling, New York City, for American Ins. Ass'n as amicus curiae; Henry Harfield, New York City, of counsel.

Sullivan & Cromwell, New York City, for N.Y. Clearing House Ass'n as amicus curiae; William E. Willis, Hamilton F. Potter, Jr., H. Rodgin Cohen, New York City, of counsel.

Before GIBBONS and GARTH, Circuit Judges, and BECHTLE, District Judge.

OPINION OF THE COURT

GARTH, Circuit Judge.

This diversity suit resulted from defendant Midland Bank & Trust Company's (Bank's) refusal to honor drafts submitted by plaintiff National Surety Corporation pursuant to so-called "standby" letters of credit issued by the Bank. The Bank justified its refusal to honor the drafts by claiming that the letters of credit were invalid, asserting that New Jersey law prohibited...

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