Shanghai Commercial Bank, Ltd. v. Bank of Boston International

Order, Supreme Court, New York County, entered January 22, 1976, unanimously modified, on the law, to the extent of relieving defendant-respondent Bank of Boston International (Boston), from the obligation to pay $112,187.50 into court, and granting plaintiff’s cross motion for summary judgment against Boston and interpleaded defendant-appellant-respondent, Capehart Corporation (Capehart), and, as so modified, affirmed, without costs and without disbursements. Capehart caused Boston to issue an irrevocable letter of credit in the sum of $100,000 in favor of plaintiff, a bank, for the benefit…