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NEW BRAUNFELS NAT. BANK v. ODIORNE

No. 3-88-297-CV.

780 S.W.2d 313 (1989)

NEW BRAUNFELS NATIONAL BANK, et al., Appellants, v. James T. ODIORNE, Receiver of Southern International Insurance Company, Ltd., Appellee.

Court of Appeals of Texas, Austin.

Second Rehearing Denied November 25, 1989.

Attorney(s) appearing for the Case

Ronald B. Walker, Anderson, Smith, Null & Stofer, Victoria, for New Braunfels Nat. Bank.

Charles Blackley, Goldston, Ponder & Heinrich, Austin, for Peter Bates, Superintendent of Ins., Cayman Islands, British West Indies.

Catherine Fryer, Bickerstaff, Heath & Smiley, Austin, for appellee.

Before POWERS, JONES and SMITH, JJ.

ON MOTION FOR REHEARING

JONES, Justice.

The opinion and judgment handed down by this Court on September 20, 1989, are withdrawn, and this opinion is substituted for the earlier one.

This appeal presents the question of how strictly a beneficiary of a letter of credit must comply with a condition of the credit in order to require payment by the issuer. New Braunfels National Bank (Bank) filed this suit (1) to obtain a judgment declaring that it had...

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