Pastor v. National Republic Bank of Chicago

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• receiver for named beneficiary of irrevocable letter of credit — insolvent insurance company — was entitled to draw on credit
• receiver for insolvent insurance company entitled to draw under letter of credit
• “Unlike the sales or traditional letter of credit, which obligates the issuer to pay in the ordinary course of a business transaction, the guaranty or standby letter of credit obligates the issuer to pay in the event of a default by one who procured its issuance.”

Source: CourtListener parenthetical corpus (CC0).