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BOUNTY TRADING CORP. v. S.E.K. SPORTSWEAR, LTD.

48 A.D.2d 811 (1975)

Bounty Trading Corporation, Respondent, v. S.E.K. Sportswear, Ltd., Defendant, and Bank Leumi Trust Company of New York, Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

June 24, 1975

Appellant shall recover of respondent $60 costs and disbursements of this appeal. The single issue presented is whether plaintiff complied with an irrevocable letter of credit obtained from defendant-appellant Bank Leumi Trust Company of New York (Bank) by the latter's now defunct customer S.E.K. Sportswear, Ltd. (S.E.K.) and issued in plaintiff's favor. Under the terms of the letter of credit payment of $11,000 was to be made upon presentment of plaintiff's sight draft and...

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