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HYDROCARBON CORP. v. CHEM. BANK

16 N.Y.2d 147 (1965)

Hydrocarbon Processing Corp., Respondent, v. Chemical Bank New York Trust Company, Appellant.

Court of Appeals of the State of New York.

Decided July 9, 1965.

Attorney(s) appearing for the Case

John W. Barnum, Richard S. Simmons, Harry H. Voigt and Robert G. Fisher for appellant.

Norman Winer and Kurt J. Wolff for respondent.

William C. Pierce and Ronald O. Dederick for New York Clearing House Association, amicus curiæ.

Chief Judge DESMOND and Judges FULD, VAN VOORHIS, BURKE, SCILEPPI and BERGAN concur.

DYE, J.

In September of 1959, the plaintiff, a creditor-vendor, in the course of trade, deposited a sight draft in the amount of $2,467.63 with the defendant for collection from the plaintiff's debtor-vendee in Cuba. Although funds in payment of the draft reached a Cuban bank, Banco Continental Cubano (hereinafter Banco), they have never been transmitted to the defendant...

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