Uniform Commercial Code (Ucc) Article 5

25 Florida cases classified under this topic · sorted by citation count · see the citation graph · browse and sort

• Pringle-Associated Mortg. Corp. v. S. Nat'l Bank OF Hattiesburg
  571 F.2d 871· 5th Cir.· 1978-04-20 ·cited 31×
  An issuing bank's obligation to honor a draft under a letter of credit is independent of the underlying contract between the bank's customer and the beneficiary.
• Fed. Deposit Ins. Corp. v. Bank OF Boulder
  911 F.2d 1466· 10th Cir.· 1990-08-20 ·cited 23×
• Eakin v. Cont'l Ill. Nat'l Bank & Tr. Co. of Chicago
  875 F.2d 114· 7th Cir.· 1989-05-11 ·cited 18×
  The court held that the liquidator's signature as "Allied Fidelity Insurance Company By: Harry E. Eakin, Indiana Insurance Commissioner, as Liquidator" was legally sufficient and that the judgment awarding $805,000 was proper.
• Pro-Fab, Inc. v. Vipa, Inc.
  772 F.2d 847· 11th Cir.· 1985-10-03 ·cited 15×
  The court held that Pro-Fab failed to prove fraud and that the bank did not waive defects by prior payments, but remanded the issue of wrongful dishonor due to potentially untimely notice.
• Bossier Bank & Tr. Co. v. Union Planters Nat'l Bank OF Memphis
  550 F.2d 1077· 6th Cir.· 1977-03-07 ·cited 14×
  The court held that a bank issuing a letter of credit must honor a draft that complies with the credit's terms, even if the underlying contract had issues, and that attorney fees and additional interest are not recoverable as incidental damages under the relevant statutes.
• Citizens & Peoples Nat'l Bank OF Pensacola v. Futch
  650 So. 2d 1008· Fla. 1st DCA· 1994-03-30 ·cited 13×
  Citizens & Peoples National Bank appealed a trial court order distributing proceeds from a $170,000 letter of credit securing a judgment between Head and Futch. The court affirmed the distribution of $67,906.55 to Futch and reversed the award of $15,056.85 to Head's attorney Kerr
• Auto Servicio SAN Ignacio v. Compania Anonima Venezolana De Navegacion (Venezuelan Line)
  765 F.2d 1306· 5th Cir.· 1985-07-22 ·cited 12×
  A confirming bank owes no duty of care under tort law to the customer of the issuing bank, and claims for non-conforming documents are barred by unreasonable delay in notification.
• Fed. Deposit Ins. Corp. v. Bank OF Boulder
  865 F.2d 1134· 10th Cir.· 1988-12-05 ·cited 10×
  The FDIC/Corporation can acquire and enforce otherwise nontransferable assets, such as a letter of credit, from a failed bank's receiver in a Purchase and Assumption transaction, notwithstanding state law or contractual restrictions.
• Banco Nacional de Desarrollo v. Mellon Bank, N.A.
  726 F.2d 87· 3d Cir.· 1984-01-18 ·cited 9×
  A letter of credit amendment requiring notice of arrival from the customer is permissible and does not constitute an impermissible modification of an irrevocable letter of credit if no prior credit covered the shipment.
• Instituto Nacional de Comercializacion Agricola (Indeca) v. Cont'l Ill. Nat'l Bank & Tr. Co.
  858 F.2d 1264· 7th Cir.· 1988-10-04 ·cited 8×
  Illinois law does not recognize a cause of action for negligent misrepresentation against a confirming bank in a letter of credit transaction, and a party who fails to properly respond to a motion for summary judgment cannot later challenge the findings.
• Daiwa Prods., Inc. v. Nationsbank, N.A.
  885 So. 2d 884· Fla. 4th DCA· 2004-09-01 ·cited 6×
  Daiwa Products sought to enjoin payment on a letter of credit after discovering the beneficiary (SAAT) fraudulently misrepresented that goods had been shipped. The trial court found United Mizrahi Bank, which financed SAAT's operations and presented the draft for payment, was a h
• Tudor Dev. Grp., Inc. v. United States Fid. & Guar. Co.
  968 F.2d 357· 3d Cir.· 1992-06-22 ·cited 6×
  The dissent argues that an issuer of a standby letter of credit may qualify for equitable subrogation in proper circumstances, and that the equities in this case warrant further factual determination.
• The Lewis State Bank v. Advance Mortg. Corp.
  362 So. 2d 406· Fla. 1st DCA· 1978-08-24 ·cited 6×
  Lewis State Bank appeals a summary judgment in favor of Advance Mortgage Corporation regarding a letter of credit issued as security for a construction loan. The court affirmed, holding that the letter of credit remained irrevocable and unconditional despite correspondence that t
• Sec. Fin. Grp., Inc. v. N. Ky. Bank & Tr., Inc.
  858 F.2d 304· 6th Cir.· 1988-09-23 ·cited 4×
  Documents presented as letters of credit are enforceable as such under UCC Article 5, regardless of underlying agreements or alleged illegality, because they meet the statutory definition of a credit.
• Airline Reporting Corp. v. The First Nat'l Bank OF Holly Hill
  832 F.2d 823· 4th Cir.· 1987-10-29 ·cited 4×
  The issuer of a letter of credit has no available defense on the issue of liability to the beneficiary, as the letter of credit contract is independent of underlying agreements and exceptions like 'fraud in the transaction' were not met.
• Sound of Mkt. St., Inc. v. Cont'l Bank Int'l
  819 F.2d 384· 3d Cir.· 1987-05-15 ·cited 4×
  An advising bank does not owe a tort or statutory duty of timely transmission to the beneficiary of a letter of credit.
• Unifirst Fed. Sav. Bank v. The Am. Ins. Co.
  905 F.2d 208· 8th Cir.· 1990-06-05 ·cited 3×
  The court held that the assignment of the right to proceeds of a letter of credit was valid under Arkansas law, and the presented documents were sufficient to show default, thus affirming the grant of summary judgment.
• Alaska Textile Co., Inc. v. Chase Manhattan Bank, N.A.
  982 F.2d 813· 2d Cir.· 1992-12-28 ·cited 2×
  The court held that submitting documents on an 'approval basis' does not waive the issuer's obligation to act within a reasonable time under UCP Article 16(c), and that the issuer acted within such reasonable time.
• Amwest Sur. Ins. Co. v. Republic Nat'l Bank
  977 F.2d 122· 4th Cir.· 1992-10-01 ·cited 2×
  The court held that Republic National Bank was unjustly enriched by retaining $122,000 returned by Amwest, as Amwest's initial draw on the letter of credit, though for the full amount, did not extinguish the bank's obligation to honor subsequent drafts if the returned funds were
• In re Coral Petroleum, Inc. v. Coral Petroleum, Inc.
  878 F.2d 830· 5th Cir.· 1989-07-28 ·cited 2×
  The court held that a beneficiary's failure to strictly comply with the terms of a letter of credit, even if due to an impossibility arising from technical terms provided by the customer and approved by the beneficiary, does not excuse non-compliance, and the issuing bank is not
• Transparent Prods. Corp. v. Paysaver Credit Union
  864 F.2d 60· 7th Cir.· 1988-12-16 ·cited 2×
  A document labeled a 'letter of credit' is not a letter of credit under the UCC if it does not contain an engagement to pay upon compliance with specified conditions.
• In re Kelley v. First Westroads Bank
  840 F.2d 554· 8th Cir.· 1988-02-09 ·cited 2×
  The court held that temporary restraining orders did not excuse issuing banks from their obligation to honor conforming drafts under letters of credit once the orders expired, and that the FDIC was entitled to interest as damages for wrongful dishonor.
• Fiat Motors of N. Am., Inc. v. Mellon Bank, N.A.
  827 F.2d 924· 3d Cir.· 1987-09-02 ·cited 2×
  The court held that the Wholesale Finance Commitment constituted a letter of credit and affirmed the district court's judgment regarding damages and prejudgment interest.
• JIM MacOn Bldg. Contractors, Inc. v. Lake Cnty.
  763 So. 2d 1223· Fla. 5th DCA· 2000-06-02
  The court held that lot owners in a subdivision cannot sue a bank as intended third-party beneficiaries for the bank's alleged breach of irrevocable letters of credit issued to secure infrastructure construction. The decision establishes that letters of credit, by their nature as
• Centrifugal Casting Mach. Co., Inc. v. Am. Bank & Tr. Co.
  966 F.2d 1348· 10th Cir.· 1992-06-11
  The court held that Iraq did not possess a legally cognizable property interest in the down payment made under the letter of credit, as such interest would contradict the independent nature of letters of credit.