Bank of Taiwan, Ltd. v. Union Nat. Bank of Philadelphia
Court of Appeals for the Third Circuit
1Opinion of the Court
DAVIS, Circuit Judge.
The GorgasPierie Company of Philadelphia, hereafter called the Gorgas Company, entered into a contract on August 7, 1920, with the Nanyo Boyeki Kaisha, Limited, of Tokio, Japan, hereafter called the Nanyo Company, for the purchase of 300 tons of copra at 7% cents per pound, to be shipped “from the Orient by steamer during September or October, 1920.” The contract provided that the Gorgas Company should furnish a confirmed irrevocable banker’s letter of credit for the full amount of the contract in favor of Nanyo Company, payable 95 per cent, of the value of the shipping…
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