3 canonical passages across 2 cases, quoted by 11 opinions in total. These passages cluster together because the same opinions keep quoting them side by side — they state parts of one doctrine. The anchor passage is from Philipp Bros., Inc. v. Oil Country Specialists, Ltd..
| # | Case | Flag | Canonical passage | Citers |
|---|---|---|---|---|
| 1 | Philipp Bros., Inc. v. Oil Country Specialists, Ltd. Anchor | green | “the wrong doing of the beneficiary has so vitiated the entire transaction that the legitimate purposes of the independence of the issuer's obligation would no longer be served.” | 4 |
| 2 | Sun Marine Terminals, Inc. v. Artoc Bank & Trust, Ltd. | green | “the purpose of a letter of credit is to assure payment when its own conditions have been met, irrespective of disputes that may arise between the parties concerning performance of other agreements which comprise the underlying transaction.” | 4 |
| 3 | Sun Marine Terminals, Inc. v. Artoc Bank & Trust, Ltd. | green | “viability of a letter of credit as a payment device depends upon its independence from the transaction of which it is a part.” | 3 |
A red or yellow flag on a member means the underlying case has negative treatment — for those, check the case page before relying on the passage.