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  5. 291 N.W.2d 41 (1980)
 

FIRST NAT. BANK, ETC. v. ROSEBUD H. AUTHORITY

No. 63908.

291 N.W.2d 41 (1980)

FIRST NATIONAL BANK OF COUNCIL BLUFFS, Appellant, v. ROSEBUD HOUSING AUTHORITY, Appellee, and Rosebud Sioux Indian Tribe; C. E. Light; Thomas L. Peddicord and T. Jean Peddicord; and Thunderbolt Enterprises, Inc., Defendants.

Supreme Court of Iowa.

Rehearing Denied May 16, 1980.

Attorney(s) appearing for the Case

Philip Willson of Smith, Peterson, Beckman & Willson, Council Bluffs, for appellant.

Craig W. Thompson and Virgil J. Haggart, Jr., of Baird, Holm, McEachen, Pedersen, Hamann & Haggart, Omaha, Neb., and Charles L. Smith of Telpner & Smith, Council Bluffs, for appellee.

Considered by REYNOLDSON, C. J., and LeGRAND, UHLENHOPP, ALLBEE and LARSON, JJ.

REYNOLDSON, Chief Justice.

In this case of first impression, we must analyze the obligation of an issuing bank to honor drafts drawn on two letters of credit.

Plaintiff First National Bank of Council Bluffs dishonored a "demand and draft" on letters it issued, then sought a declaratory judgment fixing "the rights, duties and obligations" of all the parties. Defendant Rosebud Housing Authority (Rosebud), beneficiary of the letters issued by the bank at the...

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