Court of Appeals for the Ninth Circuit December 24, 1974, 73--1897 (Portland Fish Company, a Corporation v. States Steamship Company, a Corporation)

OPINION

Before KOELSCH and KILKENNY, Circuit Judges, and McGOVERN,

*

District Judge.

KOELSCH, Circuit Judge:

Pursuant to its agreement to purchase' frozen tuna from a seller in the Philippines, Portland Fish Company, the plaintiff, deposited an irrevocable letter of credit with a Manila bank, authorizing payment to seller of $562.50 per short ton of fish upon presentation of a bill of lading.