Legal Opinion
Supreme Merchandise Co. v. Chemical Bank
New York Court of Appeals
Decided October 15, 1987PublishedCited by 33 opinions
1Opinion of the Court
OPINION OF THE COURT
Kaye, J.
A beneficiary’s interest in an executory negotiable letter of credit supporting an international sale of goods is not property of the beneficiary for purposes of attachment by a party in unrelated litigation.
In connection with a sale of disposable lighters by Iwahori Kinzoku Co. (Kinzoku), a Japanese company, to Supreme Importers and D. M. Sales Corp. of New York City, on March 1, 1984, Chemical Bank issued an irrevocable letter of credit, expiring March 30, 1984, in the amount of $111,840, identifying Kinzoku as the beneficiary. The document provided that drafts…
2Cases cited5 opinions
- First Commercial Bank v. Gotham Originals, Inc.New York Court of Appeals · 1985
- ABKCO Industries, Inc. v. Apple Films, Inc.New York Court of Appeals · 1976
- Laudisi v. American Exchange National BankNew York Court of Appeals · 1924
- Diakan Love, S.A. v. Al-Haddad Bros. Enterprises Inc.District Court, S.D. New York · 1984
- Supreme Merchandise Co. v. Chemical BankAppellate Division of the Supreme Court of the State of New York · 1986
3Cited by33 opinions
- Gillman v. Chase Manhattan Bank, N. A.New York Court of Appeals · 1988
- Brenntag International Chemicals, Inc. v. Bank of India, Defendant-Cross-Claimant-Appellant, Norddeutsche Landesbank GzCourt of Appeals for the Second Circuit · 1999
- Alaska Textile Co., Inc. v. Chase Manhattan Bank, N.A.Court of Appeals for the Second Circuit · 1992
- Dalessio v. KresslerAppellate Division of the Supreme Court of the State of New York · 2004
- Nissho Iwai Europe PLC v. Korea First BankNew York Court of Appeals · 2002
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