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BANK OF N. C. v. ROCK ISLAND BANK

No. 79-1787.

630 F.2d 1243 (1980)

BANK OF NORTH CAROLINA, N. A., Plaintiff-Appellant, v. The ROCK ISLAND BANK, an Illinois Corporation, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided September 22, 1980.

Attorney(s) appearing for the Case

Robert Noe, Moline, Ill., for plaintiff-appellant.

George Bobrinskoy, Chicago, Ill., for defendant-appellee.

Before SPRECHER, BAUER and CUDAHY, Circuit Judges.

CUDAHY, Circuit Judge.

The Bank of North Carolina, N. A. ("NC"), brought this action to recover under a letter of credit issued by the Rock Island Bank ("RI") to its customer, Lorraine Realty Corporation ("Lorraine") in 1969.1 The letter of credit contemplated that Lorraine would give a third party its promissory note which would mature on June 5, 1971. In its letter of credit RI promised to pay any amount which remained due under Lorraine...

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