California Court of Appeal October 26, 2004, B169885 (DBJJJ, INC. v. National City Bank)

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United States · · · 26-10-2004

*534

Opinion

COOPER, P. J.

A documentary letter of credit is a method of payment whereby the promise of a stable financial source, usually a bank, is substituted for the promise of a credit applicant, usually a purchaser of goods.

(Paramount Export Co. v. Asia Trust Bank, Ltd.

(1987) 193 Cal.App.3d 1474 [238 Cal.Rptr. 920].

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