McLAUGHLIN, Circuit Judge:
This is a case of first impression requiring us to determine how a letter of credit issuer's duties under the Uniform Customs and Practices for Documentary Credits, Int'l Chamber of Commerce Pub. No. 400 (1983 Revision) (the "UCP" or "Uniform Customs"), are affected by a beneficiary's presentation of documents "on an approval basis."
Alaska Textile Co. sued Chase Manhattan Bank in the United States District Court for the Southern...
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