United States Ninth Circuit

In an action brought by plaintiff to draw on a letter of credit issued to it by defendant-bank's predecessor, judgment for plaintiff is affirmed over claims that the district court erred by: 1) holding that the letter of credit was not "perpetual" under Uniform Commercial Code (UCC) section 5-106(d) and thereby had not automatically expired before plaintiff made a draw against it; 2) by rejecting defendant's waiver argument; and 3) by concluding that plaintiff's specific performance and breach of contract claims were not precluded by the exclusive remedies available under Article 5 of the UCC.

Appellate Information

• Argued 03/07/2008
• Decided 08/18/2008
• Published 08/18/2008

Judges

• GOULD, Circuit Judge:, Before: J. CLIFFORD WALLACE, RONALD M. GOULD, and SANDRA S. IKUTA, Circuit Judges.

Court

• United States Ninth Circuit

Counsel

• For Appellees:
  
• Susan A. Mitchell, Frederick A. Clark, McKenna Long & Aldridge LLP, Los Angeles, CA, for the defendant-appellant., Dennis B. Arnold, Marjorie E. Lewis, and Sarah F. Powers, Gibson, Dunn & Crutcher LLP, Los Angeles, CA, for the plaintiff-appellee.