Legal Opinion
Nissho Iwai Europe PLC v. Korea First Bank
New York Court of Appeals
Decided November 19, 2002PublishedCited by 37 opinions
1Opinion of the Court
OPINION OF THE COURT
Graffeo, J.
We are asked in this dispute to determine whether the renewal of a revolving standby letter of credit is implicitly contingent on the repayment of funds previously disbursed by the issuing bank.
In September 1994, plaintiff Nissho Iwai Europe PLC agreed to loan $150 million to Daewoo Hong Kong Ltd. in separate installments of $125 million and $25 million. Daewoo was required to pay interest for three years after the first disbursement, to be followed by repayment of principal and accumulated interest in 15 equal quarterly installments of approximately $10.7…
2Cases cited14 opinions
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- Maurice O'Meara Co. v. National Park BankNew York Court of Appeals · 1925
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3Cited by37 opinions
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