Gordon v. Irving Bank-Columbia Trust Co.

Finch, J.:

The complaint alleges that Jose M. Cuadras sold to the defendant Williams & Co. certain iron ore. To pay for the same, Williams & Co. opened with the Irving National Bank, which later became the defendant bank, a letter of credit, to be paid sixty per cent on delivery of the documents of title by the vendor to the bank, and forty per cent upon arrival of the merchandise and examination thereof by the vendee and the delivery to the vendee of the documents of title. Said sixty per cent, amounting to $12,600, was paid by the bank to Cuadras upon the receipt of the documents.…