Royal Card & Paper Co. v. Dresdner Bank

SWAN, Circuit Judge.

In order to facilitate the purchase of goods in Germany, plaintiff procured from Irving National Bank of New York a letter of credit running to Samuel Baron, or assigns, drafts thereunder to be drawn against documents for merchandise to be shipped to New York not later than August 31, 1920. On February 28, 1920, Baron assigned this letter of credit to Gebrüder Kratzmann, a Hamburg commission firm, and indorsed upon the face thereof:

“Assigned to Gebr. Kratzmann, Hamburg, Germany, in accordance with my letter of February 28, 1920.”

The letter referred to stipulated that “this…