It is clear, as found by the trial court, that petitioners established a prima facie right to the proceeds of the subject irrevocable letter of credit and that respondent failed to establish any defense. Respondent never denied the genuineness of the signatures on the drafts and as such, they were deemed admitted (Uniform Commercial Code, § 3-307, subd [1]). Accordingly, petitioners, as holders of the instruments, were "entitle[d] to recover on [them] unless the defendant...
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