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SAN DIEGO GAS & ELECTRIC CO. v. BANK LEUMI

Docket No. D020429.

42 Cal.App.4th 928 (1996)

50 Cal. Rptr.2d 20

SAN DIEGO GAS & ELECTRIC COMPANY, Plaintiff and Respondent, v. BANK LEUMI, Defendant and Appellant.

Court of Appeals of California, Fourth District, Division One.

February 15, 1996.

Attorney(s) appearing for the Case

COUNSEL

Buchalter, Nemer, Fields & Younger and Jay R. Ziegler for Defendant and Appellant.

William C. Kamenjarin for Plaintiff and Respondent.

OPINION

KREMER, P.J.

The instant litigation stems from defendant Bank Leumi's refusal to honor a draft presented by San Diego Gas & Electric Company (SDG&E) on a "standby" letter of credit issued by Bank Leumi (the Bank). The Bank appeals from a summary judgment in favor of SDG&E. We are asked to consider whether a beneficiary under a standby letter of credit owes the issuer...

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