Continental Time Corp. v. Merchants Bank

OPINION OF THE COURT

Arthur E. Blyn, J.

Motion by plaintiff for summary judgment.

The following undisputed facts appear from the papers submitted. On January 10, 1980 one Georges Bloch requested his Swiss bank, Credit Suisse (Credit), to issue an irrevocable letter of credit in favor of plaintiff Continental Time Corp. (Continental) in the principal sum of $236,961.90 in order to facilitate payment for a shipment of watches sold by Continental to Bloch. Said letter of credit was issued and, as amended, was valid until February 11, 1980 and payable upon presentation of certain documents.…