Carter Petroleum Products, Inc. v. Brotherhood Bank & Trust Co.

A letter of credit issued by the Bank (defendant) for Carter's (plaintiff's) benefit required draft requests to cite a typographically incorrect date (July 26, 2001, rather than the actual October 19, 2001 issuance date) and to be presented by June 26, 2002; Carter presented its draft citing the correct October date at 5:05 p.m. on the deadline day, after the lobby's 5:00 p.m. closing but before the drive-through window's 7:00 p.m. closing, and a Bank employee let Carter's representative into the locked lobby anyway. The Bank dishonored the draft for both the date discrepancy and late presentation; the trial court granted Carter summary judgment, and the Bank appealed.