Lectrodryer

Lectrodryer sued SeoulBank for unjust enrichment arising from the bank’s issuance of a letter of credit. SeoulBank appeals following a jury verdict against it awarding $493,000. Lectrodryer cross-appeals, alleging demurrers were improperly sustained as to causes of action for fraud and intentional interference with contractual relations. We affirm.

Facts

Lectrodryer, a small Kentucky company, manufactured and delivered for JDP, a California exporter of industrial equipment, a molecular sieve dryer used in. refining oil into gasoline. Pursuant to a 1994 purchase order, the price of the sieve dryer was $493,000, payable by an irrevocable letter of credit. Prior to delivery, JDP arranged to resell the sieve dryer to Dae Ahn, a South Korean oil refinery. The resale price was $601,701, for a profit to JDP of approximately $108,000.

JDP was one of SeoulBank’s largest customers and was in serious financial difficulty. JDP wrote three checks totaling approximately $494,000 to SeoulBank to obtain a letter of credit from the bank to pay off Lectrodryer. SeoulBank issued the letter of credit. Thereafter, two of JDP’s checks totaling more than $492,000 bounced. But after receiving…