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NATIONAL SUR. CORP. v. MIDLAND BANK & TRUST CO.

Civ. A. No. 80-72.

408 F.Supp. 684 (1976)

NATIONAL SURETY CORPORATION, a Corporation of the State of New York, Plaintiff, v. The MIDLAND BANK & TRUST COMPANY, a Corporation of New Jersey, Defendant.

United States District Court, D. New Jersey.

February 17, 1976.

Attorney(s) appearing for the Case

Lum, Biunno & Tompkins, by Charles H. Hoens, Jr., Newark, N.J., for plaintiff.

Milton, Keane & Brady, by Thomas J. Brady, Jersey City, N.J., for defendant.

OPINION

COOLAHAN, Senior District Judge.

This is an action1 based upon two irrevocable documentary letters of credit by their beneficiary, a New York surety company ("the surety company"), against their issuer, a New Jersey state bank ("the bank").

I. The Issues Considered

The principal legal question raised is whether the letters of credit are void and unenforceable more than a year after their issuance...

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