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BAZAAR, INC. v. EXCHANGE NATIONAL BANK

No. 87-3233.

168 Ill. App.3d 811 (1988)

523 N.E.2d 57

THE BAZAAR, INC., Plaintiff-Appellee, v. EXCHANGE NATIONAL BANK OF CHICAGO, Defendant-Appellant (Nutmeg Mills, Inc., Defendant).

Appellate Court of Illinois — First District (4th Division).

Opinion filed March 31, 1988.

Attorney(s) appearing for the Case

Martin W. Salzman and Laura A. Lipinski, both of Schwartz, Cooper, Kolb & Gaynor, Chartered, of Chicago, for appellant.

Earl D. Yaffe, of Yaffe, Mark, Barliant & Ganellen, of Chicago (Kenneth G. Anspach, of counsel), for appellee.

Judgment reversed.

PRESIDING JUSTICE JIGANTI delivered the opinion of the court:

The plaintiff, The Bazaar, Inc., contracted with Nutmeg Mills, Inc., a defendant, to purchase sweat shirts. Under the terms of the contract, Bazaar was required to pay for the merchandise by means of an irrevocable letter of credit. The letter was purchased by Bazaar from the defendant, Exchange National Bank, for the benefit of the seller, Nutmeg. The letter of credit was in...

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