SOUTHWESTERN SHIPPING v. NAT. CITY BANK


6 N.Y.2d 454 (1959)

Southwestern Shipping Corporation, Appellant, v. National City Bank of New York, Respondent.

Court of Appeals of the State of New York.

Decided July 8, 1959.


Attorney(s) appearing for the Case

Lloyd I. Isler for appellant.

Charles C. Parlin, Jr., and Chauncey B. Garver for respondent.

Chief Judge CONWAY and Judges FULD, VAN VOORHIS and BURKE concur with Judge FROESSEL; Judge DESMOND dissents in an opinion in which Judge DYE concurs.


FROESSEL, J.

Plaintiff, a New York corporation, was an export brokerage firm which acted as purchasing agent for several foreign importers, chiefly in Italy. In September, 1951 one of plaintiff's principal Italian customers, a business entity named Garmoja, placed an order with it for 300 tons of fatty acid at a price of 37,222 American dollars. At this time the Italian foreign exchange regulations required that...

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