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Heritage Bank v. Redcom Laboratories, Inc.

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Appeal from the United States District Court for the Northern District of Texas

Heritage Bank issued a letter of credit to Fiber Wave Telecom, Inc. (“Fiber Wave”), which used it to purchase electronics from Redcom Laboratories, Inc. (“Redcom”), which delivered the goods and made presentment to the bank for payment. Fiber Wave believed the goods defective and successfully petitioned a Texas court to enjoin the bank from honoring Redcom’s presentment.*fn1 Redcom made another demand on the bank during the pendency of the injunction, but the bank refused to honor the presentment and sought a declaratory judgment exonerating it from liability.

Redcom sued the bank for wrongful dishonor, and the district court granted summary judgment for Redcom. The bank appeals, arguing that the court erred in exercising diversity jurisdiction and in granting summary judgment. Finding no reversible error, we affirm.

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