Legal Opinion
Ross Bicycles, Inc. v. Citibank, N. A.
Appellate Division of the Supreme Court of the State of New York
Decided May 22, 1990PublishedCited by 2 opinions
1Opinion of the Court
Order of the Supreme Court, New York County (Beverly S'. Cohen, J.), entered on or about October 2, 1989, which, inter alia, denied plaintiffs motion for summary judgment in lieu of complaint pursuant to CPLR 3213, is unanimously affirmed, with costs and disbursements payable by plaintiff.
On August 18, 1986, Citibank, N. A. (Citibank) issued an unsecured, irrevocable documentary letter of credit to Wed-tech Corporation (Wedtech), with Ross Bicycles, Inc. (Ross) as beneficiary. The letter of credit for $1,000,000 was subsequently amended to increase the credit by $600,000. Soon thereafter,…
2Cases cited2 opinions
- Rotuba Extruders, Inc. v. CepposNew York Court of Appeals · 1978
- First Commercial Bank v. Gotham Originals, Inc.New York Court of Appeals · 1985
3Cited by2 opinions
- Ross Bicycles, Inc. v. Citibank, N.A.New York Supreme Court · 1994
- Ross Bicycles, Inc. v. CitibankAppellate Division of the Supreme Court of the State of New York · 1991