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LaBarge Pipe & Steel Co. v. First Bank
United States Court of Appeals for the Fifth Circuit
550 F.3d 442 (5th Cir. 2008)
PVF USA, LLC (PVF) ordered industrial pipe from LaBarge Pipe & Steel Company (LaBarge) (plaintiff). PVF applied for a letter of credit covering the price, to be issued by First Bank (defendant) in LaBarge’s favor. First Bank faxed a copy of the letter of credit to LaBarge. To obtain payment, LaBarge had to present a draft request, the original letter of credit, and a certification that PVC had failed to pay. The letter also provided that it was governed by the Uniform Customs and Practice for Documentary Credits (UCP), International Chamber of Commerce Brochure No. 400. Thereafter, PVF failed to make any payments and filed for bankruptcy. LaBarge attempted to collect payment by presenting to First Bank the faxed copy of the letter of credit, along with the other required documents and an explanation that the facsimile was in lieu of the missing original letter. First Bank received the draft request on February 17. The same day, First Bank mailed to LaBarge a notice of dishonor, which was not received until February 21. On February 20, First Bank called LaBarge to provide notice of dishonor. LaBarge brought suit against First Bank. The district court found for First Bank, and LaBarge appealed.
Rule of Law
Holding and Reasoning (Garwood, J.)
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