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COLONIAL COURTS APARTMENT CO. v. PROC ASSOCIATES, INC.

No. 94-2106.

57 F.3d 119 (1995)

COLONIAL COURTS APARTMENT COMPANY, et al., Plaintiffs, Appellants, v. PROC ASSOCIATES, INC., et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided June 21, 1995.

Attorney(s) appearing for the Case

Joseph V. Cavanagh, Jr., with whom Michael DiBiase and Blish & Cavanagh, Providence, were on brief, for appellants.

Richard W. MacAdams with whom MacAdams & Wieck Incorporated, Providence, was on brief, for appellees.

Before BOUDIN, Circuit Judge, COFFIN, Senior Circuit Judge, and STAHL, Circuit Judge.

STAHL, Circuit Judge.

This case requires us to determine whether letter-of-credit beneficiaries may recover the value of the letters from the issuer's customer or the customer's guarantors after the issuer dishonored the letters and became insolvent. Interpreting applicable law and the various agreements between the parties, we conclude that the beneficiaries may not so recover. Thus, we affirm the district court's grant of summary judgment for defendants-appellees...

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