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Iraqi LCs; Banco Nazionale del Lavoro.

Note: In this action by a creditor to obtain the proceeds of an LC, the United States Court of Appeals for the Eleventh Circuit, Anderson, J., reversed the trial court's award of summary judgment in favor of the beneficiary, which had recovered the proceeds of an LC, finding outstanding genuine issues of material fact. This case is a distant offspring of Banco Nazionale del Lavoro's Iraqi LCs. It involves a settlement agreement by which BNL paid the beneficiary US $2,300,000 plus attorney's fees on the LC, and refers to an injunction issued by a federal court in Atlanta in another related case against a drawing by Rafidain Bank on an LC due to the circumstances following Iraq's invasion of Kuwait.

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