Banco Espanol De Credito v. State Street Bank and Trust Company, (Two Cases)

COFFIN, Circuit Judge.

This suit began as a claim by appellant, a Spanish bank (Banco Español), against appellee, a domestic bank (State Street), for the latter’s allegedly wrongful refusal to accept and pay two drafts drawn upon it pursuant to two irrevocable commercial letters of credit. Each letter was issued- by State Street at the béhest of its customer, Robert Lawrence, Inc. (Lawrence), a Boston clothing concern. Banco Español was designated the advising bank and two Spanish suppliers (Alcides and Longuer) were named as beneficiaries. The cases were consolidated for trial in the district…