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SOUND OF MARKET STREET v. CONTINENTAL BANK INTERN.

No. 86-1358.

819 F.2d 384 (1987)

SOUND OF MARKET STREET, INC. v. CONTINENTAL BANK INTERNATIONAL, Appellant.

United States Court of Appeals, Third Circuit.

Decided May 15, 1987.

Rehearing and Rehearing Denied June 15, 1987.

Attorney(s) appearing for the Case

Richard M. Meltzer, Mark R. Rosen (argued), Mark C. Rifkin, Mesirov, Gelman, Jaffe, Cramer & Jamieson, Philadelphia, Pa., for appellee.

Peter F. Marvin (argued), Miller, Marvin, Dunham, Doering, Schreiber & Sloan, Philadelphia, Pa., for appellant.

John J. Gill, III, General Counsel, Mathew H. Street, Asst. Counsel, American Bankers Assn., Washington, D.C., for amicus curiae American Bankers Assn.

William R. Klaus, William R. Colmery, Philip H. Lebowitz, Pepper, Hamilton & Scheetz, Philadelphia, Pa., for amicus curiae Fidelity Bank, Nat. Ass'n First Pennsylvania Bank, N.A., Mellon Bank (East), Nat. Ass'n, The Philadelphia Nat. Bank, Pittsburgh Nat. Bank, Provident Nat. Bank.

Before HIGGINBOTHAM and STAPLETON, Circuit Judges and RODRIGUEZ, District Judge.

Rehearing and Rehearing In Banc Denied June 15, 1987.

OPINION OF THE COURT

STAPLETON, Circuit Judge:

In this case, the beneficiary of a letter of credit, Sound of Market Street, Inc. ("Sound of Market"), sued an advising bank, Continental Bank International ("Continental"), alleging that Continental's delay in advising the letter of credit to Sound of Market resulted in Sound of Market's failure to meet the shipping date required by the letter of...

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