Key Appliance, Inc. v. First National City Bank

Full title: KEY APPLIANCE, INC., Appellant, v. FIRST NATIONAL CITY BANK, Respondent

Court: Court of Appeals of the State of New York

Date published: Oct 16, 1975

339 N.E.2d 888 (N.Y. 1975)

339 N.E.2d 888

377 N.Y.S.2d 482

Opinion

Submitted September 17, 1975

Decided October 16, 1975

Appeal from the Appellate Division of the Supreme Court in the First Judicial Department, THOMAS C. CHIMERA, J.

Arthur H. Sobel for appellant.

Henry Harfield 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 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.