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RONALD A. AND CAROLINE OLSON v. U.S. NAT'L

A8304-02151; CA A30159.

689 P.2d 1021 (1984)

70 Or.App. 460

RONALD A. AND CAROLINE OLSON, Inc., an Oregon Corporation, Appellant, v. UNITED STATES NATIONAL BANK OF OREGON, a Banking Association, Respondent. UNITED STATES NATIONAL BANK OF OREGON, a National Banking Association, Third-Party Plaintiff, v. M[2]S[2], Inc., an Oregon Corporation, Third-Party Defendant.

Court of Appeals of Oregon.

Decided October 24, 1984.

Attorney(s) appearing for the Case

Lee M. Hess, Portland, argued the cause for appellant. With him on the briefs were Swire, Riebe & Hess, Portland.

Mark A. Anderson, Portland, argued the cause for respondent. With him on the brief were Michael E. Arthur and Miller, Nash, Wiener, Hager & Carlsen, Portland.

Before RICHARDSON, P.J., and WARDEN and NEWMAN, JJ.

NEWMAN, Judge.

Plaintiff appeals a summary judgment for defendant. We affirm. Defendant issued a letter of credit for $57,275 naming plaintiff as beneficiary to secure performance of a note executed by M[2]S[2], Inc.1 (the buyer) for the price of certain assets purchased by it. The letter of credit provided that drafts on it must be submitted on or before March 15, 1983, and be "accompanied by the following documents":

"Beneficiaries...

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