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SRS Products Co. v. LG Engineering Co., Ltd.

994 S.W.2d 380 (1999)

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SRS Products Co. v. LG Engineering Co., Ltd.

Texas Court of Civil Appeals
994 S.W.2d 380 (1999)

SC

Facts

LG Engineering Company, Limited, (LG) (defendant) hired SRS Products Company (SRS) (plaintiff) to design and build a commercial refrigeration unit. As part of the purchase agreement, SRS was required to secure a letter of credit. LG could draw against the letter of credit upon a written declaration from LG that SRS failed to perform its work in accordance with the parties’ agreement. Heritage Bank issued the letter of credit for SRS. Upon receiving the refrigeration unit, LG began experiencing issues. SRS asserted that the claimed defects were not covered under the warranty. LG had paid in full for the unit and made a demand on the letter of credit. SRS filed for a temporary injunction that would prevent Heritage Bank from paying on the letter of credit. SRS argued that LG’s presentment for payment of the letter of credit was fraudulent because LG should have known that the warranty did not apply. The trial court denied the injunction. SRS appealed.

Rule of Law

Issue

Holding and Reasoning (Frost, J.)

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