Foreign Venture Limited Partnership v. Chemical Bank

OPINION OF THE COURT

Silverman, J.

Defendants appeal from orders of Special Term granting a preliminary injunction against payments under certain letters of credit, and denying defendants’ cross motion to dismiss the complaint under CPLR 3211.

Plaintiff, an American partnership, wished to make arrangements for financing of its Australian affiliate, Venture Carpets PTY., Ltd. ("PTY”), by defendant Commercial Banking Company of Sydney, Ltd. ("Commercial”). Accordingly, plaintiff arranged with defendant Chemical Bank ("Chemi*354cal”), a New York corporation, for the issuance by Chemical to Commercial…