Banco Continental v. First National Bank of Gatlinburg

This is an action for payment under a letter of credit. Defendant issuer bank, First National, at the instruction of intervening defendant customer Heinsohn, refused to honor a letter of credit presented to it by the bank of the beneficiary of the letter of credit. The beneficiary was Gallo Nunez, an Ecuadorian citizen doing business as Stella Maris; Nunez is not a party to this suit. Plaintiff, Banco Continental, is the beneficiarys bank in Ecuador.