Bank of Taiwan, Ltd. v. Schild

The action is brought by plaintiff, as assignee of S. Nagasaku, of Yokohama, Japan, to recover the purchase price of 15,000 raw white Japanese rabbit skins sold to defendant by plaintiff’s assignor. Among other things, the contract for the purchase of the rabbit skins provided that payment should be made in the following manner: “ By your establishing by cable (within three days) an approved irrevocable Letter of Credit at 4 months Sight in favor of S. Nagasaku, Yokohama, Japan, negotiable against documents. Letter of Credit to expire September 25th, 1930.” The contract further provided: “…