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IN RE XYZ OPTIONS, INC.

No. 96-7035.

154 F.3d 1276 (1998)

In Re: XYZ OPTIONS, INC., Debtor. Donald DIONNE, as Trustee of the Estate of XYZ Options, Inc., Plaintiff-Appellee, v. William MUSCARELLA; First Alabama Capital, Defendants-Cross-defendants, Scott M. Spangler; Jean G. Spangler, Defendants-Cross-defendants-Appellants, The Scott M. Spangler Charitable Trust, Defendant-Appellant, Northern Trust Bank of Arizona, N.A., Defendant-Cross-claimant.

United States Court of Appeals, Eleventh Circuit.

September 15, 1998.

Attorney(s) appearing for the Case

Patrick Darby, Bradley, Arant, Rose & White, Birmingham, AL, for Appellants.

Douglas J. Centeno, Schoel, Ogle, Benton & Centeno, Birmingham, AL, for Plaintiff-Appellee.

Before ANDERSON and BLACK, Circuit Judges, and MOORE, Senior District Judge.

ANDERSON, Circuit Judge:

The primary issue in this appeal is whether § 5-116(2) of the Uniform Commercial Code ("UCC") precludes a valid assignment of the proceeds of a letter of credit when the assignment occurs at a time when the performance of the conditions of the credit has already occurred, i.e., at a time when the right to payment under the letter of credit has already been earned. This issue arises as part of a larger litigation between Plaintiff-Appellee...

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