American Express Bank Ltd. v. Uniroyal, Inc.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Asch, J.
Defendant Uniroyal, Inc., entered into an agreement on October 22, 1981 to sell accounts receivable in Turkey to plaintiff American Express Bank Ltd. Uniroyal contracted to sell the right to receive payment for three types of accounts receivable satisfied by three different currencies, United States dollars, Deutsche marks and pounds sterling. This case involves only the dollar denominated account receivable. The amount set forth in the agreement for "Dollar Accounts Receivable” was $1,979,469.50. American Express agreed to purchase these accounts (and the Deutsche…
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