Kerr-Mcgee Chemical Corp. v. Federal Deposit Insurance Corp‪.‬

POWELL, Associate Justice The question presented is whether, after initially dishonoring a letter of credit on the basis of specified grounds, a bank may subsequently dishonor the credit on the basis of a different ground. We think that under the Uniform Customs and Practices for Documentary Credits, which are expressly incorporated by the letter of credit at issue here, appellee bank was required to state all of its reasons for dishonoring the credit when it was first presented. Because it failed to do so, we reverse the district court's grant of summary judgment in the bank's favor. I.