Arbest Construction Company, Inc. v. The First National Bank & Trust Company of Oklahoma City, Heritage Manufacturing and Building Supply, Inc. v. The First National Bank & Trust Company of Oklahoma City’s Empirical Analysis
777 F.2d 581 · 1985
Citation profile
11 federal appellate · 3 district · 3 state decisions
How this case has been cited
Cited by 30 later decisions — most recently December 2009 · most notably Federal Deposit Insurance v. Bank of Boulder (1990), First State Bank v. Diamond Plastics Corp. (1995)
11 federal appellate · 3 district · 3 state decisions
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Relies on Fryzel v. Cash Currency Exchange, Inc. · Venizelos, S.A. v. Chase Manhattan Bank · Sztejn v. J. Henry Schroder Banking Corp. · Barclays Bank D. C. O. v. Mercantile National Bank · Marino Industries Corp. v. Chase Manhattan Bank
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 30 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“[A] letter of credit involves three parties: (1) an issuer (generally a bank) who agrees to pay conforming drafts presented under the letter of credit; (2) a bank customer or 'account party' who orders the letter of credit and dictates its terms; and (3) a beneficiary to whom the letter of credit is issued, who can collect monies under the letter of credit by presenting drafts and making proper demand on the issuer.”
4 later decisions quote this exact passage · from the majority“Oklahoma has adopted the Uniform Commercial Code (U.C.C.) provisions on letters of credit. Okla. Stat. Ann. tit. 12A §§ 5-101 to 5-117. Under those provisions, a letter of credit involves three parties: (1) an issuer (generally a bank) who agrees to pay conforming drafts presented under the letter of credit; (2) a bank customer or "account party" who orders the letter of credit and dictates its terms; and (8) a benefi-clary to whom the letter of credit is issued, who can collect monies under the letter of credit by presenting drafts and making proper demand on the issuer. See id. § 5-108(1). A letter of credit thus involves three relationships-between the issuer and the account party, the issuer and the beneficiary, and the account party and the beneficiary (this last relationship being the underlying business deal giving rise to the issuance of the letter of credit). The simple result is that the issuer substitutes its credit, preferred by the beneficiary, for that of the account party. The arrangement facilitates commercial transactions. The three letter of credit relationships are legally distinct. See, e.g., Barclays Bank D.C.O. v. Mercantile National Bank, 481 F.2d 1224, 1238-89 (5th Cir.1973); Venizelos, S.A. v. Chase Manhattan Bank, 425 F.2d 461, 464-65 (2d Cir.1970). Further, the relationship between the issuer and the beneficiary is statutory, not contractual. As Professors White and Summers note: "The obligations, particularly those of an issuer to a beneficiary, th”
2 later decisions quote this exact passage · from the majority“[T]he general rule is that the issuer may not consider problems with the underlying transaction when deciding whether to honor a demand.”
2 later decisions quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.