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FIAT MOTORS OF NORTH AMERICA v. MELLON BANK, N.A.

Nos. 86-3588, 86-3606.

827 F.2d 924 (1987)

FIAT MOTORS OF NORTH AMERICA, INC. v. MELLON BANK, N.A., Appellant in No. 86-3588. FIAT MOTORS OF NORTH AMERICA, INC. Appellant in No. 86-3606 v. MELLON BANK, N.A.

United States Court of Appeals, Third Circuit.

Decided September 2, 1987.

Attorney(s) appearing for the Case

Mark F. McKenna (argued), Winters, McKenna & Arcovio, Pittsburgh, Pa., for Mellon Bank, N.A.

W. McCook Miller, Jr. (argued), J. Michael McCague, Pittsburgh, Pa., for Fiat Motors of North America, Inc.

Before SEITZ and MANSMANN, Circuit Judges, and BISSELL, District Judge.

OPINION OF THE COURT

MANSMANN, Circuit Judge.

In this diversity case we are called upon to determine the legal obligations of the defendant Mellon Bank to plaintiff Fiat Motors under a Wholesale Finance Commitment. We also consider a cross-appeal by Fiat regarding the proper amount of prejudgment interest to be awarded. We find that the Commitment constituted a letter of credit and for the reasons given below, we will affirm the judgment of the district...

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