Ross Bicycles, Inc. v. Citibank, N.A.

OPINION OF THE COURT

Beverly S. Cohen, J.

This action to recover under an unsecured irrevocable letter *352of credit issued by defendant for its customer, the infamous Wedtech Corporation, has had a long and tortured history through the courts. The trial held before me on April 19, 1994 brings it close to conclusion.

PRIOR PROCEEDINGS

Plaintiff, the beneficiary under an irrevocable letter of credit issued by defendant Citibank for its customer, Wedtech, initially commenced this action by moving for summary judgment in lieu of complaint under CPLR 3213, to recover $189,056 due on four dishonored…