Cruickshank v Westpac Banking Corporation - [1989] 1 NZLR 114

Bankers and banking — Documentary credit — Irrevocable letter of credit — Liability of issuing bank — Bank issued irrevocable letter of credit which was lodged with another bank in the area for negotiation on due date — Issuing bank refused to honour letter of credit on due date — Whether issuing bank had an absolute obligation to pay — Whether on the true construction of the letter of credit it was capable of being negotiated by any bank in the area — Whether issuing bank was liable to pay interest at commercial rates from due date.