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EXXON CO. v. BANQUE de PARIS et des PAYS-BAS

No. 87-2007.

828 F.2d 1121 (1987)

EXXON COMPANY, U.S.A., A DIVISION OF EXXON CORPORATION, Plaintiff-Appellee Cross-Appellant, v. BANQUE de PARIS et des PAYS-BAS, Defendant-Appellant Cross-Appellee.

United States Court of Appeals, Fifth Circuit.

October 8, 1987.

Attorney(s) appearing for the Case

Stanley Godofsky, Donald F. Luke, Kenneth L. Miller, Rogers & Wells, New York City, Hayden Burns and Constance Barnes, Butler & Binion, Houston, Tex., for defendant-appellant.

Michael F. Crotty, Associate Gen. Counsel, American Bankers Ass'n, Washington, D.C., for amicus-American Bankers Assn.

Rufus Wallingford and Tom A. Cunningham, Fulbright & Jaworski, Houston, Tex., for plaintiff-appellee.

Before RUBIN, GARZA, and JOLLY, Circuit Judges.

ALVIN B. RUBIN, Circuit Judge:

Standby letters of credit are issued by banks to assure the prompt payment of money to a party to another contract in the event that the other contract is not performed in accordance with its terms. The issuing bank is required to make payment only if it is presented with specified documents. The function of letters of credit requires that they be succinct and clear, for their utility lies in the assurance they provide that payment will...

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