World Point Trading Pte. Ltd. v. Credito Italiano

OPINION OF THE COURT

Beatrice Shainswit, J.

Plaintiff, a Singapore corporation with an office in New York, sues defendant, an Italian bank, based on a letter of credit issued by defendant. According to the complaint, defendant opened the letter of credit account on October 9, 1992 in the amount of $237,007.50. The terms of the letter required defendant to pay, at sight, in one or more drawings, specified amounts to plaintiff or to its assignees. Subsequent amendments to the letter changed certain bill of lading requirements, but otherwise left the terms and conditions of the letter unchanged.…