SAMUEL RAPPAPORT FAMILY PARTNERSHIP, Appellant v. MERIDIAN BANK, 441 Pa. Super. 194

Summary

Appellant partnership challenged an order granting appellee bank judgment notwithstanding the verdict. The court found that a landlord had a letter of credit issued to him from appellee. The letter required that the landlord sign a certificate stating that his tenants had defaulted on their rent payments. The landlord died and appellant bought the property, assuming all of the landlord's rights. When the same tenants defaulted, appellant signed the certification of default as landlord, explaining that it was the original landlord's lawful assignee under the lease. Appellee did not accept the letter of credit and the trial court found in favor of appellee. Appellant challenged the decision. The reviewing court stated that although appellant stood in the original landlord's shoes, the law of letters of credit followed a rule of strict compliance. The letter required the original landlord's signature, and once he died, the letter of credit became worthless. There was no ambiguity in the ...