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MERCEDE CENTER, INC. v. EQUIBANK

359 Pa.Super. 388 (1986)

518 A.2d 1291

MERCEDE CENTER, INC. v. EQUIBANK, David F. Cook and Caribank. Appeal of MERCEDE CENTER, INC. and Caribank.

Supreme Court of Pennsylvania.

Filed December 18, 1986.

Attorney(s) appearing for the Case

James A. Ashton, Pittsburgh, for appellants.

John R. O'Keefe, Jr., Pittsburgh, appellees.

Before DEL SOLE, MONTEMURO and POPOVICH, JJ.

DEL SOLE, Judge:

Mercede Center Inc. (Mercede), a Florida corporation engaged in real estate development, sought a construction and permanent mortgage loan from Equibank in the amount of $12,500,000. Equibank issued a commitment letter subject to numerous terms and conditions including a request for various items of collateral security. One item of security to be an unconditional, irrevocable letter of credit...

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