Automation Source Corp. v. Korea Exchange Bank

—Order, Supreme Court, New York County (Charles Ramos, J.), entered April 8, 1997, which, in an action by plaintiff beneficiary against defendant bank for failure to pay on a letter of credit, denied plaintiff’s motion for summary judgment, unanimously affirmed, without costs.

It is well established that New York requires strict compliance with the terms of a letter of credit (United Commodities-Greece v Fidelity Intl. Bank, 64 NY2d 449, 455). Thus, in determining whether to pay a letter of credit, the bank may, and must, look solely at the letter and the documentation the beneficiary presents…