Letter of credit in favor of comdata network

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Reference no: EM131152722

First Interstate Bank issued a letter of credit in favor of Comdata Network. Comdata is engaged is money transfer service. It provides money to truckers on the road by way of cash advances through form checks written by truckers. When Comdata enters into a business relationship with a trucking company, it requires a letter of credit. This requirement is to secure advances made on behalf of the trucking company. One of the trucking companies defrauded the bank that issued the letter of credit. Comdata demanded that the bank make payment to it under the letter of credit for cash advances that the truckling company had not repaid. The bank, alleging fraud by the trucking company, refused. Comdata filed suit. Can Comdata force payment?

Reference no: EM131152722

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