Trans Meridian Trading Inc. v. Empresa Nacional De Comercializacion De Insumos

829 F.2d 949 4 UCC Rep.Serv.2d 1526 TRANS MERIDIAN TRADING INC., Plaintiff-Appellant, v. EMPRESA NACIONAL DE COMERCIALIZACION DE INSUMOS, Multinacional Latinoamericana De Comercializacion De Fertilizantes, Banque Indosuez, and Banco Continental, Defendants-Appellees. No. 86-6627. United States Court of Appeals, Ninth Circuit. Argued and Submitted Aug. 7, 1987. Decided Oct. 9, 1987. Mark B. Gilmartin, Los Angeles, Cal., for plaintiff-appellant. John E. Burns, Los Angeles, Cal., for defendant-appellee Banco Continental. Appeal from the United States District Court for the Central District of California. Before WALLACE, HALL and LEAVY, Circuit Judges. LEAVY, Circuit Judge. 1 This action involves a letter of credit issued by Banque Indosuez in favor of Banco Continental at the request of Trans Meridian Trading Inc. (TMTI). Banco Continental has demanded payment on the letter of credit. TMTI seeks to enjoin Banco Continental from demanding payment and Banque Indosuez from making payment. The district court denied TMTI's motion for a preliminary injunction. This court granted TMTI's request for a stay pending appeal. We now affirm the district court's decision and lift the stay. FACTS 2…