Faravelli v. Bankers Trust Co.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Fein, J.
The sole issue on this appeal is whether jurisdiction was properly obtained over Punjab & Sind Bank, Ltd. (Punjab), a bank located in Calcutta, India.
*336Plaintiff Alessandro Faravelli (Faravelli), an Italian businessman located in Milan, Italy, in 1977 purchased from defendant M.G. Chemical Co., Inc. (M.G.), a New York corporation with offices in New York City, a quantity of blue synthetic dye to be delivered to Faravelli in Italy. Faravelli posted an irrevocable letter of credit in the sum of $64,000 through his bank, Crédito Italiano (Crédito), in favor of M.G.…
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