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PRINGLE-ASSOC. MORTG. v. SOUTHERN NAT. BANK

No. 76-1927.

571 F.2d 871 (1978)

PRINGLE-ASSOCIATED MORTGAGE CORPORATION, a Louisiana Corporation, Plaintiff-Appellant, v. SOUTHERN NATIONAL BANK OF HATTIESBURG, MISSISSIPPI, a National Banking Corporation, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

April 20, 1978.

Attorney(s) appearing for the Case

Thomas W. Tyner, Hattiesburg, Miss., for plaintiff-appellant.

Francis T. Zachary, George E. Gillespie, Jr., Jere R. Ramsay, Hattiesburg, Miss., for defendant-appellee.

Before TUTTLE, CLARK, and RONEY, Circuit Judges.

CHARLES CLARK, Circuit Judge:

This case involves the obligation of an issuing bank to honor a draft drawn under a letter of credit. In the district court, Pringle Associated Mortgage Corporation (Pringle), the beneficiary, sued Southern National Bank of Hattiesburg (SNB), the issuer, to collect on its letter of credit. Following a hearing without a jury, the district court ruled in favor of SNB. The court concluded that Pringle was not entitled to payment because...

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