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PHILADELPHIA GEAR CORP. v. CENTRAL BANK

No. 82-3294.

717 F.2d 230 (1983)

PHILADELPHIA GEAR CORPORATION, Plaintiff-Appellee, v. CENTRAL BANK, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing and Rehearing Denied November 17, 1983.

Attorney(s) appearing for the Case

Wildman, Harrold, Allen, Dixon & McDonnell, J. Stanley McNeese, Memphis, Tenn., Snellings, Beard, Sartor, Inabnett & Trascher, Daniel R. Sartor, Jr., Monroe, La., for defendant-appellant.

Gordon, Arata, McCollam & Stuart, Gerald F. Slattery, Jr., Walter B. Stuart, IV, New Orleans, La., for plaintiff-appellee.

Before GOLDBERG, GEE and RANDALL, Circuit Judges.

Rehearing and Rehearing En Banc Denied November 17, 1983.

GEE, Circuit Judge:

The terrain of the present appeal is a failed business transaction, one that culminated in several and mutual allegations of failure to honor contractual obligations. The contract at issue is a documentary letter of credit.1 The district court determined that the issuing bank wrongfully dishonored drafts presented pursuant to the letter of credit. In...

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