New York Life Insurance v. Hartford National Bank & Trust Co.

Both parties have appealed from the judgment rendered in an action brought pursuant to General Statutes § 42a-5-115.1 The plaintiff sought damages for an alleged wrongful dishonor of a draft in the face amount of $180,000 drawn against *494a letter of credit which had been issued by the defendant in favor of the plaintiff. The plaintiff is appealing the court’s award of only nominal damages; the defendant has cross appealed from the summary judgment as to its liability and from the denial of its setoff.

The business transaction giving rise to the present litigation involved the following facts: On…