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SHERWOOD & ROBERTS, INC. v. FIRST SEC. BANK

No. 83-263.

682 P.2d 149 (1984)

SHERWOOD & ROBERTS, INC., Plaintiff/Respondent, v. FIRST SECURITY BANK OF MISSOULA, Defendant-Third Party Plaintiff and Appellant, v. PROSPECT ASSOCIATES, INC., Charles W. Isaly, Sharon M. Isaly, Thomas H. Schimke, Mary Ann Shimke, David A. Schimke, and Tamara R. Schimke, Third Party Defendants and Co-Appellants.

Supreme Court of Montana.

Decided May 7, 1984.

Rehearing Denied May 31, 1984.

Attorney(s) appearing for the Case

Mulroney, Delaney & Scott, Dexter L. Delaney, Missoula, argued for First Security Bank.

Donald Snavely, Missoula, argued for Prospect Associates.

Garlington, Lohn & Robinson, George D. Goodrich argued, Missoula, for plaintiff-respondent.

SHEEHY, Justice.

The principle issue we determine in this case is that an instrument issued by a bank entitled "letter of credit," and containing language that it is a letter of credit must be enforced as a letter of credit, and not as an instrument of conditional guaranty.

First Security Bank of Missoula appeals from a summary judgment against it entered by the District Court, Fourth Judicial District, Missoula County, holding that the Bank was liable according...

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