280 Pa. 124 | Pa. | 1924
Opinion by
A majority of the court below (Judge Koch dissenting) entered judgment against plaintiff on an affidavit of defense by way of demurrer. The recital of facts in the statement of claim is lengthy. They need not be catalogued in this opinion, where it is sufficient to say that plaintiff’s action was based on an irrevocable letter of credit in his favor, issued by defendant, for the sum of $13,000. The statement disclosed that plaintiff drew a draft on defendant for $13,750, which it refused to honor. The court determined that appellant’s right of action depended on the breach of contract by the bank which was within its rights in refusing to pay the draft, as it exceeded the amount of the credit, and hence there was no breach of contract and no cause of action. The court misinterpreted the cause of action. It was brought to recover part of the money ($8,170.29) deposited to plaintiff’s account evidenced by the letter of credit.
The judgment is reversed with direction that the court shall proceed as we have outlined; costs to abide the final determination of the case.