Court Opinion

ID: 9583195
Source: CourtListenerOpinion
Date Created: 2023-08-21 22:35:52.853737+00
Date Added: 2024-06-11T13:38:52.850798
License: Public Domain

SABERS, Justice
(concurring in part and concurring in result in part).
I concur except as to issue 4, where I concur in the result. Under issue 4, Bank’s liability may have been limited to the face amount of the letter of credit if Bank had paid upon demand. Bank failed to do so and is liable for principal plus prejudgment interest on principal from October 1, 1981, even if payment exceeds the cap or face amount of the letter of credit. SDCL 21-1-11, SDCL 57A-5-115, Bossier Bank & Trust Co. v. Union Planters Nat’l Bk., 550 F.2d 1077 (6th Cir.1977).