Legal Opinion
Bamberger Polymers International Corp. v. Citibank, N. A.
New York Supreme Court
Decided December 22, 1983PublishedCited by 1 opinion
1Opinion of the Court
OPINION OF THE COURT
Edward J. Greenfield, J.
This motion by plaintiff pursuant to CPLR 3213 for summary judgment in lieu of complaint raises the question of whether a bank which is designated as an advising and paying bank in a letter of credit transaction has the right to set off if the letter of credit has been assigned.
To facilitate the sale and shipment of polypropylene resin for shipment to Peking, the Bank of China issued an irrevocable letter of credit in favor of Ngai Fat International Inc. (NFI) in the sum of $1,070,865. NFI was the purchaser of this material from plaintiff Bamberger…
2Cases cited10 opinions
- Marine Midland Bank-New York v. Graybar Electric Co.New York Court of Appeals · 1977
- Baker v. New York National Exchange BankNew York Court of Appeals · 1885
- Utica National Bank & Trust Co. v. Associated Producers Co.Supreme Court of Oklahoma · 1980
- National American Corp. v. Federal Republic of NigeriaDistrict Court, S.D. New York · 1977
- Bank Leumi Trust Co. of New York v. Collins Sales Serv., Inc.New York Court of Appeals · 1979
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3Cited by1 opinion
- Sound of Market Street, Inc. v. Continental Bank InternationalCourt of Appeals for the Third Circuit · 1987