One Step Up, Ltd. v. Webster Business Credit Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Moskowitz, J.
Plaintiff brought this action seeking the return of $250,000 that defendant obtained when it drew on a standby letter of credit. Plaintiff had opened the letter of credit with HSBC, naming defendant as beneficiary, to provide additional collateral *5for defendant’s extension of further financing to nonparty Luxury Ventures, LLC, doing business as Henricks Jewelers (Hen-ricks). Despite plaintiffs creative theories, the plain wording of the letter of credit and underlying documents precludes recovery. In particular, plaintiff cannot use breach of warranty under…
2Cases cited10 opinions
- People v. CratsleyNew York Court of Appeals · 1995
- Moran v. ErkNew York Court of Appeals · 2008
- Vitale v. SteinbergAppellate Division of the Supreme Court of the State of New York · 2003
- Belgium, S.A. v. Phosphate Chemicals Export Ass'nAppellate Division of the Supreme Court of the State of New York · 1984
- People v. DiSalvoAppellate Division of the Supreme Court of the State of New York · 2001
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3Cited by17 opinions
- Ellington Credit Fund, Ltd. v. Select Portfolio Servicing, Inc.District Court, S.D. New York · 2011
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- Wells Fargo Bank, N.A. v. JonesAppellate Division of the Supreme Court of the State of New York · 2016
- Allstate Insurance v. PierreAppellate Division of the Supreme Court of the State of New York · 2014
- BasicNet S.P.A. v. CFP Services Ltd.Appellate Division of the Supreme Court of the State of New York · 2015
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