Blonder & Co. v. Citibank, N.A.

Tom, J.P. (dissenting).

In connection with the purchase of nickel scrap from Corporación Atlantic Calero, Ltd., plaintiff entered into an agreement with defendant for the issuance of an irrevocable letter of credit (reimbursement agreement), which provides that defendant will accept for payment a “document appearing on its face [to] . . . substantially comply with the terms and conditions of the Credit.” The letter of credit issued by defendant, naming Corporación Atlantic Calero as beneficiary, recites that it is subject to the provisions of the Uniform Customs and Practice for Documentary…