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UTICA MUT. INS. CO. v. WALKER

725 S.W.2d 24 (1987)

UTICA MUTUAL INSURANCE COMPANY, Appellant, v. Lyle A. WALKER; Robert G. Walker; Peoples Exchange Bank of Beattyville, Kentucky; and First Security National Bank & Trust Company, Appellees. Lyle A. WALKER; and Robert G. Walker, Cross-Appellants, v. UTICA MUTUAL INSURANCE COMPANY; Peoples Exchange Bank of Beattyville, Kentucky; and First Security National Bank & Trust Company, Cross-Appellees. FIRST SECURITY NATIONAL BANK & TRUST COMPANY, Appellant, v. UTICA MUTUAL INSURANCE COMPANY; Lyle A. Walker; Robert G. Walker; and Peoples Exchange Bank of Beattyville, Kentucky, Appellees.

Court of Appeals of Kentucky.

Discretionary Review Denied by Supreme Court March 24, 1987.

Attorney(s) appearing for the Case

Thomas E. Roma, Jr., Louisville, for Utica Mut. Ins. Co.

James T. Gilbert, Richmond, for Lyle A. Walker and Robert G. Walker.

John K. Webb, Paris, for Peoples Exchange Bank of Beattyville, Ky.

Harvie B. Wilkinson, Lexington, for First Sec. Nat. Bank & Trust Co.

Before COMBS, GUDGEL and McDONALD, JJ.

GUDGEL, Judge:

These appeals and cross-appeal stem from a judgment entered by the Lee Circuit Court. The court adjudged that appellant Utica Mutual Insurance Company (Utica) is not entitled to enforce payment of a sight draft drawn upon a letter of credit issued in its favor by Peoples Exchange Bank (Peoples). Utica contends that the court erred by concluding that it failed to strictly comply with the terms of the letter of credit and that it therefore is not entitled...

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