BasicNet S.P.A. v. CFP Services Ltd.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Antorias, J.
Plaintiffs are the beneficiaries of irrevocable standby letters of credit (SLCs) issued by defendant CFP Services Ltd. doing business as CFP Trade Services. The SLCs were issued in connection with an amended license agreement between plaintiffs, as licensors, defendant Kappa North America, Inc., as licensee, and defendant Total Apparel Group, Inc. (TAG), as Kappa’s guarantor. Although CFP allegedly issued the SLCs with the understanding that the amendment to the license agreement had already been signed, it was executed shortly after the SLCs were issued and…
2Cases cited12 opinions
- First Commercial Bank v. Gotham Originals, Inc.New York Court of Appeals · 1985
- Bank of Cochin Ltd. v. Manufacturers Hanover Trust Co.District Court, S.D. New York · 1985
- United Commodities-Greece v. Fidelity International BankNew York Court of Appeals · 1985
- Nissho Iwai Europe PLC v. Korea First BankNew York Court of Appeals · 2002
- Banque Worms v. Banque Commerciale PriveeDistrict Court, S.D. New York · 1988
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