Hyperlawhypertext legal database Key Appliance, Inc. v. First National City Bank 37 N.Y.2d 826

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Key Appliance, Inc. v. First National City Bank

37 N.Y.2d 826 Court N.Y. Decision date 1975-10-16 English

Contents

Majority

p. 826
Key Appliance, Inc., Appellant, v First National City Bank, Respondent.
Submitted September 17, 1975;
decided October 16, 1975
p. 827
Arthur H Sobel for appellant.
Henry Harñeld and John J. E. Markham, II, for respondent.

Memorandum. The order of the Appellate Division should be affirmed for the reasons stated in the memorandum decision of that court. There must be strict compliance with the documentary - requirements of a letter of credit since the issuing bank at once owes independent obligations to its

p. 828
customer and to the beneficiary of the letter of credit, and the interests of these two in any given situation may be divergent, if not conflicting.

Chief Judge Breitel and Judges Jasen, Gabrielli, Jones, Wachtler, Fuchsberg and Cooke concur.

Order affirmed, with costs, in a memorandum.