SHOKAI v. U.S. NATIONAL BANK OF OREGON

No. 96-35175.

126 F.3d 1135 (1997)

TOKYO KOGYO BOEKI SHOKAI, a Japanese corporation, Plaintiff-Appellant, v. UNITED STATES NATIONAL BANK OF OREGON, Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Submission Deferred May 9, 1997.

Resubmitted September 16, 1997.

Decided September 19, 1997.


Attorney(s) appearing for the Case

Dennis H. Markusson, Montgomery, Green, Jarvis, Kolodny & Markusson, Denver, Colorado, and James L. Hiller, Lane Powell Spears Lubersky, Portland, Oregon, for the plaintiff-appellant.

John F. Neupert and Bruce L. Campbell, Miller, Nash, Wiener, Hager & Carlsen, Portland, Oregon, for the defendant-appellee.

Before BOOCHEVER, BRUNETTI and KOZINSKI, Circuit Judges.


KOZINSKI, Circuit Judge.

In this case we answer the question that must be on everyone's mind: May a letter of credit applicant subrogate to the position of the issuing bank and sue the confirming bank for fraud, negligence and violation of the Uniform Commercial Code?

Tokyo Kogyo Boeki Shokai (Kogyo), a Japanese importer, contracted with West Road America to import construction panels from Washington state to Japan. To finance the deal, Kogyo had Mitsubishi...

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