Westwind Exploration, Inc., Petitioner v. Homestate Savings Association, Respondent

Summary

The Texas Supreme Court affirmed the Court of Appeals' judgment that Homestate Savings Association properly dishonored Westwind Exploration's presentment of a letter of credit because Westwind failed to strictly comply with its terms. The Court held that strict compliance is a question of law and that the credit covered only August 1982 oil deliveries.