Galotti v. United States Trust Co.

Galotti and others (hereinafter called the partners) were partners in a fruit company and made a contract (which was not offered in evidence) to purchase bananas from a Costa Rican company called Agencias Americanas (hereinafter called Agencias). Two of the partners called at the office of United States Trust Company (hereinafter called the trust company) to obtain a letter of credit required in the transaction. They there executed in triplicate an application for the letter of credit addressed to The Chase National Bank (hereinafter called the Chase Bank).

There was conflicting evidence…