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MERCANTILE-SAFE DEP. v. BALTIMORE COUNTY

No. 151 September Term, 1986.

309 Md. 668 (1987)

526 A.2d 591

MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY v. BALTIMORE COUNTY, MARYLAND.

Court of Appeals of Maryland.

June 5, 1987.

Attorney(s) appearing for the Case

Diana G. Motz (Shale D. Stiller, Ellen L. Hollander and Frank, Bernstein, Conaway & Goldman, on brief), Baltimore, for appellant.

Michael J. McMahon, Asst. Co. Atty. (Malcolm F. Spicer, Jr., Co. Atty., on brief), Towson, for appellee.

Argued before MURPHY, C.J., and ELDRIDGE, COLE, RODOWSKY, COUCH, McAULIFFE and ADKINS, JJ.

MURPHY, Chief Judge.

This case involves the refusal by an issuer of a letter of credit to honor a call for payment made by the beneficiary of the credit. The question presented is whether the beneficiary's demand for payment must comply strictly with the terms and conditions of the letter of credit or whether substantial compliance will suffice.

I

Mercantile-Safe Deposit & Trust Company (Mercantile) issued Letter of Credit No. 10447 in the amount...

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