The buyer, a Peruvian company, entered into a contract to purchase glass fibers from an English seller. Payment was to be made under an irrevocable letter of credit confirmed by Royal Bank of Canada. The letter of credit called for a bill of lading dated no later than December 15, 1976. The goods were in fact loaded onto the vessel on December 16, but the loading brokers wrongfully issued a bill of lading dated December 15, 1976. Unaware of the false statement, the sellers submitted documents to Royal Bank, who refused to pay because it suspected fraud in the documents. How does this situation differ from that in the Sztejn v. J. Henry Schroder Banking Corporation case? Does this case involve “fraud in the transaction”? Why or why not? Should the bank be permitted to refuse payment on the documents for apparently conforming documents where it has reason to believe a third party, here the loading broker, committed an act of fraud?