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TRANS-GLOBAL ALLOY, LTD. v. FIRST NAT. BANK OF LAFAYETTE

No. 85-797.

490 So.2d 769 (1986)

TRANS-GLOBAL ALLOY, LTD. & First National Bank of Jefferson Parish & (Intervenor) Pel Star Couplings, Inc., David S. Fitzgerald, Jr. & Winton Rebouche, Plaintiffs-Appellees-Appellants (FNJ), v. FIRST NATIONAL BANK OF LAFAYETTE, Defendant-Appellee.

Court of Appeal of Louisiana, Third Circuit.

June 25, 1986.

Attorney(s) appearing for the Case

Shushan, Meyer, etc. (Rader Jackson, Donald A. Meyer, New Orleans), for plaintiffs-appellees-appellants.

Wayne A. Shullaw, of Broadhurst, Brook, Lafayette, for defendant-appellee.

Gary, Field, etc. (Leon Gary, Jr., Davis B. Allgood, Baton Rouge), for intervenor-appellee.

Before GUIDRY, DOUCET and MANSOUR, JJ.

DOUCET, Judge.

The issue involved in this appeal is whether the trial court was correct in finding that there was no wrongful dishonor of a draft drawn under a letter of credit. From a judgment holding that there was no wrongful dishonor, the plaintiffs appeal. We affirm.

Since letters of credit are rather specialized financial instruments, the following general discussion is given before considering the facts of this case.

"`A letter of credit is...

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