CROSSROADS BANK v. STATE BANK

No. C8-90-2726.

474 N.W.2d 14 (1991)

CROSSROADS BANK OF GEORGIA, Respondent, v. STATE BANK OF SPRINGFIELD, Appellant.

Court of Appeals of Minnesota.

August 20, 1991.


Attorney(s) appearing for the Case

William M. Schade, Somsen, Dempsey & Schade, New Ulm, for respondent.

J. Brian O'Leary, O'Leary & Moritz, Chartered, Springfield, for appellant.

Considered and decided by CRIPPEN, P.J., and FOLEY and NORTON, JJ.


OPINION

FOLEY, Judge.

State Bank of Springfield appeals from a grant of summary judgment entered against it for refusing to honor a letter of credit. We affirm.

FACTS

Respondent Crossroads Bank of Georgia contracted with a Georgia corporation in July 1989 for a loan that was partially secured by an irrevocable letter of credit for $50,000. Springfield issued the letter of credit on behalf of its customer, the Georgia corporation. "A `customer...

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