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TRANSPARENT PRODUCTS CORP. v. PAYSAVER CREDIT UNION

Nos. 88-1286, 88-1324.

864 F.2d 60 (1988)

TRANSPARENT PRODUCTS CORPORATION, Plaintiff-Appellant/Cross-Appellee, v. PAYSAVER CREDIT UNION, Defendant-Appellee/Cross-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided December 16, 1988.

Attorney(s) appearing for the Case

Michael D. Weis, Law Office of Michael D. Weis, Northbrook, Ill., for plaintiff-appellant/cross-appellee.

C. Jackson Darnall, Darnall, Polachek & Assoc., Franklin Park, Ill., for defendant-appellee/cross-appellant.

Before BAUER, Chief Judge, EASTERBROOK, Circuit Judge, and GRANT, Senior District Judge.

EASTERBROOK, Circuit Judge.

Uncertain of the difference between a line of credit and a letter of credit, the president of Paysaver Credit Union signed this document on the Credit Union's letterhead:

Transparent Products Corporation Bensenville, IL. 60101 RE: Thomas Wells Gentlemen: We hereby establish our letter of credit at the request of Thomas Wells of 1003 South 23rd Avenue, Maywood and of Titan Tool of 1315 South 3rd Avenue, Maywood up to the...

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