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BD. OF TRADE OF SAN FRANCISCO v. SWISS CREDIT BANK

No. 83-1852.

728 F.2d 1241 (1984)

BOARD OF TRADE OF SAN FRANCISCO, Plaintiff, and Electronic Arrays, Inc., Plaintiff-in-Intervention/Appellant, v. SWISS CREDIT BANK, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided March 20, 1984.

Attorney(s) appearing for the Case

Michael A. Ladra, Wilson, Sonsini, Goodrich & Rosati Palo Alto, Cal., for plaintiff.

Harvey L. Gould, Leland, Parachini, Steinberg, Flinn, Marzger & Melnick, San Francisco, Cal., for defendant-appellee.

Before MERRILL and BOOCHEVER, Circuit Judges, and WYZANSKI, Senior District Judge.

BOOCHEVER, Circuit Judge.

This action arose out of the dishonor of a letter of credit issued by Swiss Credit Bank (SCB) in favor of Antex Industries (Antex) to cover the sale of 92,000 electronic integrated circuits, or "chips," manufactured by Electronic Arrays (Arrays) for use in electronic computers.

The magistrate1 found that the dishonor was justified because Antex failed to comply...

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