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BANCO ESPANOL de CREDITO v. STATE STREET BANK & T. CO.

Nos. 6938, 6939.

385 F.2d 230 (1967)

BANCO ESPANOL de CREDITO, Plaintiff, Appellant, v. STATE STREET BANK AND TRUST COMPANY, Defendant, Appellee (two cases).

United States Court of Appeals First Circuit.

November 7, 1967.

Attorney(s) appearing for the Case

Harold M. Willcox, Boston, Mass., with whom Charles C. Cabot, Robert E. Sullivan, and Herrick, Smith, Donald, Farley & Ketchum, Boston, Mass., were on brief, for appellant.

Charles F. Choate, Boston, Mass., with whom Mark A. Michelson and Choate, Hall & Stewart, Boston, Mass., were on brief, for appellee.

Before ALDRICH, Chief Judge, McENTEE and COFFIN, Circuit Judges.

COFFIN, Circuit Judge.

This suit began as a claim by appellant, a Spanish bank (Banco Espanol), against appellee, a domestic bank (State Street), for the latter's allegedly wrongful refusal to accept and pay two drafts drawn upon it pursuant to two irrevocable commercial letters of credit. Each letter was issued by State Street at the behest of its customer, Robert Lawrence, Inc. (Lawrence), a Boston clothing concern. Banco Espanol was designated the advising bank...

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