Weyerhaeuser Co. v. Israel Discount Bank of New York

OPINION AND ORDER

KOELTL, District Judge:

This diversity case was brought by the plaintiff Weyerhaeuser Company (‘Weyer-haeuser”) alleging that the defendant Israel Discount Bank of New York (“IDB”), as advising bank under a letter of credit (“Letter of Credit” or “Credit”) from non-party Bank Leumi Le-Israel (“Leumi”), failed to honor a partial assignment of proceeds to Weyer-haeuser made by defendant Crestmanor Homes, Inc. (“CHI”), the beneficiary of the Letter of Credit, despite having notice of the partial assignment.

The issue in this case is whether Weyer-haeuser had an effective…