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NORTHERN TRUST CO. v. OXFORD SPEAKER CO.

No. 81-0195.

109 Ill. App.3d 433 (1982)

440 N.E.2d 968

THE NORTHERN TRUST COMPANY, Plaintiff-Appellee, v. OXFORD SPEAKER COMPANY, Defendant-Appellant.

Appellate Court of Illinois — First District (3rd Division).

Opinion filed September 22, 1982.

Attorney(s) appearing for the Case

Winston & Strawn, of Chicago (Frank O. Wetmore II, Robert E. English, and David W. Russell, of counsel), for appellant.

Baker & McKenzie, of Chicago (Francis D. Morrissey, James G. Barnes, and Terrence M. Johnson, of counsel), for appellee.

Reversed and remanded.

JUSTICE McGILLICUDDY delivered the opinion of the court:

This action was brought by The Northern Trust Company (Northern), the appellee, to recover losses it suffered after paying a documentary draft that was transferred to it by Oxford Speaker Company (Oxford), the appellant. The documentary draft, drawn against a letter of credit, had been dishonored by the issuer of the letter of credit; and Oxford had disclaimed liability to Northern...

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