Temple-Eastex Incorporated, Petitioner v. Addison Bank, Respondent

Summary

The Texas Supreme Court reversed the Court of Appeals and affirmed the trial court's judgment that Addison Bank wrongfully dishonored Temple‑Eastex's demand under an irrevocable letter of credit. The Court held that the letter of credit was assignable, that Temple‑Eastex had authority to present the demand, that the demand was timely and complied with the documentary requirements, and that the bank was liable for the amount owed plus interest and attorney's fees.