Kantor v. Aristo Hosiery Co.

Headnote

Contract — sale — foreign exchange — action to recover for goods sold and delivered, purchase price payable in English currency — rate of exchange at time of breach of contract to be applied in translating damages from pounds to dollars.

Kantor v. Aristo Hosiery Co., Inc., 222 App. Div. 502 , affirmed.

Cross-appeals from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered February 15, 1928, modifying and affirming

as modified a judgment in favor of plaintiff entered upon a verdict. The action was to recover for goods alleged to have been sold and delivered to defendant by plaintiff’s assignor, an English firm, payment for which was to be made in English currency. The jury found a verdict for plaintiff for an equivalent in American currency, based upon the prevailing rate of exchange at the time of the trial. The Appellate Division held that the rate of exchange at the time of the breach of contract was the measure to be applied in translating the amount due in pounds to dollars.