Barclay Knitwear Co. v. King'swear Enterprises Ltd.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Sullivan, J.
This appeal presents the issue of whether the circumstances of a bank’s negotiation of a draft drawn under a letter of credit established it as a holder in due course and, if so, whether the documents submitted on the draw against the credit conform to its requirements so that, notwithstanding the possibility of fraud in the transaction, the draft must be honored by the issuing bank pursuant to Uniform Commercial Code § 5-114 (2) (a).
Since 1978, Barclay Knitwear Co., Inc. and its subsidiary, Brooke Sweater Co., Inc. (collectively, Barclay), importers of men’s…
2Cases cited10 opinions
- Republic National Bank of Dallas v. Northwest National Bank of Fort WorthTexas Supreme Court · 1979
- National Safe Deposit, Sav. & Trust Co. of DC v. HibbsSupreme Court of the United States · 1913
- J. Zeevi & Sons, Ltd. v. Grindlays BankNew York Court of Appeals · 1975
- First Commercial Bank v. Gotham Originals, Inc.New York Court of Appeals · 1985
- Bunge Corp. v. Manufacturers Hanover Trust Co.New York Court of Appeals · 1972
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