BARCLAYS BANK DCO v. MERCANTILE NATIONAL BANK

[1973] 2 Lloyd's Rep. 541

UNITED STATESCOURT OF APPEALS

Before Circuit Judge Morgan, Circuit Judge Clark and Circuit Judge Ingraham

United States - Banking - Loan secured by promissory note and letter of credit - Confirmation - Credit issued by company other than a bank - Whether credit confirmable by bank under United States Uniform Commercial Code - Whether credit in fact confirmed - Whether letter of credit a guarantee - Whether defective documentation defence waived by confirming bank - Alleged duty on lender to call in promissory note when confirmers of credit purported to modify credit - United States Uniform Commercial Code, part 5-103 (1) (F): 5-102 (3): 5-107 (2).