ALLSTATE INSURANCE COMPANY successor in interest to NORTHBROOK EXCESS & SURPLUS INSURANCE COMPANY V MORGAN GUARANTY TRUST COMPANY OF NEW YORK

(1995) 4 Re LR 33

United States District Court Northern District of Illinois Eastern Division

Before District Judge Charles P Kocoras

Letter of credit - Duty on issuing bank - Confirmation - Letters requesting issuing bank to confirm that letter of credit amount was accurate and that credit was still in force - Second letter surrendering letter of credit to issuing bank and stating that “[a]ll of these letters of credit have been drawn in full by the beneficiary” - Whether letters were “document” within Uniform Customs article 7/UCC article 5 - Admission by issuing bank that it had knowledge of fact that there was outstanding balance on letter of credit which had not been drawn by beneficiary - Whether sufficient to establish contractual duty to beneficiary - Whether unjust enrichment actionable under Illinois law.